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Avoid Getting into Debt over Bad Credit Loans in Canada by Following Our Money Management Tips this Festive Period

Avoid Getting into Debt over Bad Credit Loans in Canada by Following Our Money Management Tips this Festive Period

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All we want for Christmas, is some more cash, honestly. The festive period is truly one of the most expensive times of the year, and although it only really spans over a week or two, the vast majority of us will overspend. In fact, most of us will spend more on this week or two than we do in the average month in total. When you think about it like that, it’s pretty crazy.

A lot of us will feel so much pressure to impress this yuletide, that we’ll get into some sort of debt – and that’s the norm unfortunately. It doesn’t matter whether it’s a credit loan or delving into your overdraft, when you’re doing it, it’s important to remember that this money has to be repaid at some point in the near future.

If you’re concerned about spending over this next couple of weeks, then read on! We have some money management tips that’ll help you to avoid getting into debt, and to spend well this festive season.

Work on a Budget

If your credit rating isn’t the best, and you need a little extra cash this festive season, then there are bad credit loans in Canada and beyond available. However, before borrowing cash and getting into debt, it’s well worth seeking out the alternatives.

One thing that will without a doubt help you to save money this Christmas period, will be working on, and with, a budget.

The word budget tends to put a lot of people off, because of its connotations. People associate budgeting with cutting back to the extreme and living off the bare minimum, which is not at all what Christmas tends to be about.

Try thinking about budgeting a little differently, and watch your relationship with it change. Budgeting is very simply figuring out how much money you realistically have to spend – so basically what we’re saying, is do the maths and work out how much you can feasibly afford to spend on Christmas this year.

Budget for presents (which most of you probably already have), food, and socialising. Work out the logistics of your spending without going overboard. You can still have a beautiful, overindulgent Christmas – but you’ll save yourself the stress of being in debt when January comes knocking.

Track Your Spending

However, creating a budget is no good if you’re not going to stick to it. The only real way to stick to your budget effectively is to track what you’re spending.

Without tracking what you’re spending, you’re likely to go over budget – fact. The thing about tracking your expenses, is that it allows you to see how much you have left over. We recommend making a list of things you need to buy, and ticking them off – with the price next to them – as you go.

Then, subtract this amount from what your budgeted price is. This is how much you now have left to spend over the festive period. Only by tracking your spending as you go, can you really successfully budget.

Don’t Impulse Buy

On top of your budget and tracking your spending, resist the urge to impulse buy this festive period.

We know, all the major stores put their most “festive” goods on special at this time of year. It might seem like an amazing last minute deal at the time, but did you know that the majority of Christmas impulse buys, end up going to waste? This is because most the time it’s things that we don’t need, or use.

We know we keep going back to it, but stick to your budgeting list. This is the foundation of spending well at Christmas. Stick to it, and the rest will follow.

Breathe

Last of all, but certainly not least, we’ve got a little personal tip for you. Breathe.

The festive season is supposed to be about relaxing, enjoying yourself and spending time with the people who you love the most. We recommend that above everything else, you focus on that.

 When you change your attitude towards Christmas, you’ll feel pressure melt away and notice that your priorities shift. It’s not about how much you buy, how much you spend, or how impressed your peers are. Remember that, and enjoy the season. You’ll be better off for it – mentally and financially.

This is a collaborative post.

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