01 Feb How to deal with post-Christmas Blues
The January blues are real. Even when the weather is fantastic and you’re enjoying time in your garden or down at the beach, sooner or later your credit card statement for the last month is going to arrive and you’re going to remember how much of a good time you and your family enjoyed over the festive period.
If your financial planning over Christmas wasn’t as good as it could have been, and you now find yourself struggling with your credit commitments, or you simply want to wipe your financial slate clean at the start of 2018, help is at hand.
Review and Reset Your Budget
Can you repay your credit cards quicker by reviewing and resetting your budget? Financial stress can often be quickly alleviated by simply sitting down and working out the reality of your situation.
Do you have direct debits leaving your account for things you don’t even use anymore? Are you spending money on things you don’t really need? Is there anything you could do without for a couple of months in order to save yourself some money?
Sit down and look at your budget before you take any further action. Your financial situation might not be as stressful as it first appears. Contact us as we can provide you with some simple tools to help with this.
Look at Ways to Earn More Money
Whether it is getting a new job, starting a second job, or learning a new skill to enable you to do either of these, looking at ways to earn more money can also help your financial situation.
If you have children then Christmas has likely seen them deluged with new toys from everyone in your family. Do they now have toys they aren’t going to play with anymore? If so, look at how you can sell these on eBay or even via local Facebook community groups.
As an extension of this, look at how you can have a wider clear out at home. You probably have things in the shed that you’re never going to use again, or have even forgotten you own.
This is an easy way to have a tidy up and make a reasonable sum of money that you can put straight towards your post-Christmas credit card bills.
Consider a Debt Consolidation Loan
While looking at how you manage your personal finances better or selling unwanted items is a great way to take a nice chunk out of your credit card bills, you’re still going to be left paying the interest which will continue to mount up as long as you have a balance outstanding on your account.
An alternative option, which may help you get debt free quicker and save you a significant sum of money, is to consider taking out a debt consolidation loan.
A debt consolidation loan can help you because:
- You can pay off your credit cards in full immediately, meaning you stop the interest mounting up on these
- With a loan you have set repayments, you know how much you need to pay, when you need to pay it, and crucially you know the date of your final payment and therefore when you will be debt free
- Loans are usually available at a lower interest rate than credit cards. Even if you used a credit card with a promotional interest rate over Christmas, once the promotional rate ends the interest will fast add up.
While reviewing your budget and having a clear out is great, budgeting may only unlock a small sum of money each month while your clear out will be very much a one off cash generator. With a debt consolidation loan you can gain control of your finances and be sure of what the future holds.
If you need a hand with budgeting and setting your sights on gaining financial freedom we can help. Call us now and book your free goalsetting session.
Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.