I’ve done it. For the first time ever I’ve started Christmas shopping, with less than 7 weeks before St. Nic arrives. I don’t usually start this early. To be honest, I’m the person who rolls his eyes, tuts and mocks anybody for shopping so early.
But not this year.
This year is going to be the start of something new. I’m no longer going to be a negative statistic, instead i have a plan.
Christmas Debt Plan
There are less than 7 weeks until Christmas morning. This seems like a long time, but actually there is only one pay cheque before Christmas! If you haven’t been saving already, then it could already be too late. So, what will happen? Will you borrow from friends? Family? Credit cards? Or even high interest payday loans? Perhaps you’re annual ritual is to save consistently throughout the year and you will be fine?
My plan didn’t start today. It started 5 months ago. I technically started Christmas 3 months ago when I started saving money. I figure I need around £500 for Christmas, which includes food, presents and all the little extras.
Despite having 2 children they know the value of money and that doesn’t change at Christmas. Don’t get me wrong, they get lots of gifts but we no longer break the bank.
Prior to going bankrupt we would overspend on Christmas, but one year I decided to conduct a small experiment before overspending. I asked my children if they could name 3 presents they got last year at Christmas. I was shocked they couldn’t remember at least 3 of their presents each. They got enough to fill a small apartment!!
So, my plan is written out of a piece of paper with monetary expectations and a time by which I expect to have achieved each task. Christmas will be stress-free and affordable this year.
This is unlike many other years.
The Numbers Don’t Lie
I’ve been a statistic for too long. My motto in life is, “if you don’t like something, change it, don’t just moan about it”. Well, changing is starting right here.
Some of the horrific statistics I read about Christmas were:
- People plan to spend just under £600 on Christmas this year
- Only 4 in 10 people say Christmas will be tighter this year
- Some people will be repaying the debt they borrow this Christmas in 2023
- 9% of people will spend more this Christmas than they did last Christmas
- 46% of people are worried about the cost of Christmas
- 18% of people said this week that they “dread” Christmas
- Christmas has an impact on mental health with 25% of people saying they felt depressed because of Christmas
- 39% of people will use credit cards to cover the cost of Christmas
Don’t be another debt statistic
I’m determined not to be another statistic… anymore.
So, what are your plans for Christmas?
Sources
Thanks to the Money Advice Service, Money Supermarket and the Retail Week Christmas Spending for the use of their statistics.
John The Bankruptcy Guy
As an ex-bankrupt, John has experienced the highs and lows of credit. It's with this knowledge that he writes Debt Advice Resource - to help others avoid, or navigate out of, the pitfalls of debt.
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