A study says two million Britons will have to make financial sacrifices this Christmas. With record job losses, over 60% finding it hard to remain solvent prior to payday and spending up to 75% of their incomes on “essentials” - what festive cheer is there to be had this year? Don't despair - with canny planning you’ll still have lots to look forward to. Read on to find out
Many households will be dreading Christmas this year more than ever, worrying about how they’ll cover the costs, as according to a new survey by Abbey, millions of Britons will run out of cash five days before they receive their November pay cheque.
Abbey which has carried out the research, blames this on poor budgeting, as 43% give up on their social lives, 17% likely to stop buying new clothes, 6% giving up on cosmetics, but a surprising 3% putting their spending cuts where their mouths are - by going hungry rather than sacrificing anything else.
Although “payday mayday” is an annual phenomenon - with people’s current accounts running dry on November 25 - and they having to forfeit any excessive spending - this year’s recessionary conditions and the 29% average fall in disposable incomes will exacerbate Christmas misery.
However, with a bit of planning and perhaps a little ingenuity, there is no reason why, just because money is tight, this festive season should be any less enjoyable than previous years.
We’ve compiled some tips to help ensure Christmas is a merry one.
Find a cheaper credit card - fast
1: Don’t spend more than you can afford
It has become much harder to get credit cards and loans as a result of the credit
crunch. Lenders are pickier about who they will lend to and many have increased the cost of
borrowing. Therefore it is more important than ever not to get carried away and spend more than you
can afford.
Read on for more clever ways to avoid the Christmas cash drought
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