How to overcome financial burdens during the festive season
Words Aisha Kamara
As we all know, Christmas is an exciting season full of joy, celebration and gift-giving but also a time where individuals can spend quality time with family and friends. However, the festive season can be unfortunately stressful for some people as it’s a time a year that a lot of money is being spent!
It is unfortunate that people tend to get into a lot of stress due to the pressure of having a perfect Christmas. There tends to be a great expectation when it comes to the festive season as the traditional image portrays a nice, cosy decorated with plenty of gifts. But, in reality, this is not always the case as life can be complex for some which makes it difficult to portray such an image. Despite this, people still have these expectations which leads to families into serious financial stress. It is common for people to spend way over their budget leaving them in serious financial difficulties especially after the Christmas period. The latest research illustrated 30 percent of people in the UK get themselves into debt and 25 percent use the scheme of ‘buy now and pay later’. The purchase of presents is the most common way of getting into debts as well as purchasing food.
Being in financial difficulty constantly can have a negative effect on one’s health, as being overly stressed can lead to mental health problems such as anxiety, depression or even high blood pressure. It’s is important to know that being in control with money can help avoid stress during the most busy time of the year. However, a lot of people do not manage their money well during the Christmas season but how do a person ensure that they spend on a good budget and not feel under pressure or stressed? Here are some recommendations on how to have an affordable Christmas:
Create and stick to your budget! Christmas comes every year and so planning ahead will make it easier to manage your money but also to not over spend and put yourself in debt or long-term financial difficulties
If you do intend to borrow do so sensibly such as borrowing the right amount that you can afford to pay back future repayments. In this case if you do budget yourself then there will be no need to borrow as much.
You can start Christmas shopping early! Another reason why people get themselves in debt is because a lot of people tend to do shopping at the last minute leaving to miss on bargains. When you do start thinking about Christmas gifts do not hesitate to start looking for deals and bargains that will help you spend less.
Lastly, be organised when it comes to the essential things such as food shopping! There are always great bargains in different food outlets and markets and so look out for those as it will be a great way to spend way more than you need to.
Remember, your health is just as important and individuals should ensure that having good management with money will be beneficial holistically.