Skip to content

Clear your Christmas Debts Quickly

Most of us will have ended up eating Christmas left overs during the festive period.  Whether that was eating bubble and squeak with cold meats, pickles and cheeses as an easy Boxing Day lunch, turkey in all its forms (casserole, curry, stew, pasties – anything to get rid of a mountain of turkey meat!) or just putting together meals with a variety of mixed bits and bobs stashed in the fridge.  We all have our favourite recipes when it comes to using up the food not eaten and it’s usually an enjoyable experience.  What’s not an enjoyable experience, however, is left over Christmas debts.  This is a problem that is a bit more difficult to overcome so today we’re taking a look at what you can do to recover from a bit of overspending or an extra overdraft at Christmas so that you don’t end up spending most of 2018 catching up with your finances.

Those who used credit cards to buy presents for Christmas carry an average card debt of £452 as we enter the New Year, according to research and with a massive £8.5 billion spent on plastic over the holidays, this means that 17% of Brits have gone over budget and 22% will be in debt as a result of Christmas spending.  If you’re facing a left over Christmas debt, the best thing for you to do is to start the New Year with a resolution to tackle your debt head on.  There are several ways of doing this which, when combined, could see you improving your overall financial health by the end of the year.

Obviously, the first thing to do is to cut back on spending where possible – shop around for the best deals on utilities and other regulars, including:

  • Electricity, gas and water charges
  • Broadband and phone
  • Mobile tariffs

Make sure you’re not overpaying on any of your basic bills by switching on to better deals.  Use a comparison website to research this and make sure you’re getting the best deals available, this could save you quite a hefty sum over the space of a year.

Go through your budget and try to identify any areas where you can cut back on spending to save some money.

Save on daily spend by taking a packed lunch to work – you can do this every day or on specific days each week, you’ll be surprised by how much you can save on lunches.

Use the work coffee machine rather than buying several expensive “designer” coffees each day.  Investing in a good quality thermal mug makes this easier as you can take a cuppa with you for on your way to work each morning, use it at work and then leave work with a fresh cup of coffee for the journey home.

Stop buying bottled water and use a reusable bottle (make sure it’s BPA free so that it’s a healthier option) that you can fill from taps and water fountains.

You may be surprised at just how much you can save by taking a few simple measures and you’ll probably be shocked at how much you’ve been spending on items that are not strictly necessary.  Clearing your Christmas debts as quickly as possible could even inspire you to carry on saving in this way and, in future when you’re not faced with debts, using the saved money for substantial treats such as weekends away or day trips.