Christmas Shopping 2021
Did you budget for “Christmas” this year? If not, do not be tempted because buying on impulse may cause you to have financial problems down the line.
Many consumers will see a “bargain” and pull out the old-trusted Credit Card but remember it needs to be paid back with interest and fees. It does cost more to pay by credit than to pay cash. The NCR advises consumers to use credit wisely and only when it is necessary.
Consumers should prioritise necessities like their bond/rent, transport, groceries, school fees, insurance, etc. before splurging on Black Friday. It is not wise to fund a Christmas shopping spree by taking unnecessary debt because debt is costly.
To help consumers avoid the urge to unnecessarily spend, have a look at these helpful tips:
- Set a realistic budget of what you can afford to spend and stick to it;
- Don’t spend what you don’t have – this means do not live beyond your means and don’t buy if you haven’t budgeted;
- If an item is on sale and you buy it on credit, remember that interest and fees will push up the price. Therefore, cash is king!
- Don’t be impulsive when you shop;
- Have a shopping list to avoid buying unnecessary items – if you don’t need it now, chances are you may never need it. So, avoid wasting your time and hard-earned money;
Don’t let the “Season to be Jolly” burn a hole in your pocket and be a reason for your financial woes next year.
Contact us today for a FREE assessment and let Doctor Debt help you start off 2022 with peace of mind.