Budget 'key' to avoiding Christmas debt
Understanding money and a budget is the key to avoiding getting into debt over the Christmas period, according to the director of a debt counselling service.
James Falla, from Thomas Charles, said that weighing up income versus expenditure and planning what can realistically be afforded over this expensive time of year is important for consumers looking to maintain a grip on their personal finance situation.
"Understand what you can afford to spend," Mr Falla said, before suggesting that people plan ahead to put some money aside for the festive period.
"Work out what your income expenditure is and work out what you can save."
Mr Falla added that saving money ahead of the Christmas and New Year period "is something that not enough people do" and suggested that this plays a similar role as becoming less reliant on consumer credit when it comes to avoiding debt.
According to a recent Lloyds TSB survey, more than half (59 per cent) of Britons expect to overspend during the festive season, by an average of £174.
James Falla, from Thomas Charles, said that weighing up income versus expenditure and planning what can realistically be afforded over this expensive time of year is important for consumers looking to maintain a grip on their personal finance situation.
"Understand what you can afford to spend," Mr Falla said, before suggesting that people plan ahead to put some money aside for the festive period.
"Work out what your income expenditure is and work out what you can save."
Mr Falla added that saving money ahead of the Christmas and New Year period "is something that not enough people do" and suggested that this plays a similar role as becoming less reliant on consumer credit when it comes to avoiding debt.
According to a recent Lloyds TSB survey, more than half (59 per cent) of Britons expect to overspend during the festive season, by an average of £174.
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