We spend money every day. Some things we need to buy to live, or we have to pay as part of our daily living. Other are luxuries, things we want to have but can live without. At Christmas, the lines become blurred. What was once considered a luxury now becomes an essential because the pressures of giving and expectations are high. Impulse purchases can easily lead to overspending during the festive season and we often face pressures to spend.
The temptation can be to spend money we haven’t saved by using credit. There is a big culture of buy now, pay later. but buying things on credit has some hidden costs that we often fail to see or know about straight away.
Just because it is the season to give doesn’t mean that your principles fly sky high as Santa’s reindeer. Remember, a need is something we must have to live, like shelter and food to eat. Where as a want is something we like to have, but can survive without.
Before you add the item to your basket, ask yourself this basic question first:
“Is this item a need or a want?”
Try and Stay focused by writing down everything you need and prioritising essential items. If your list exceeds your budget, consider cheaper alternatives or scaling down. For example, baking and cooking with fresh ingredients can save you money compared to buying pre-prepared meals.
Let’s continue to keep the Christmas spirit alive without the financial stress!
Debt Centre Greenwich 