Festive Period Debt Help & Advice

Types of Debt

Festive Period Debt Help & Advice


The festive period can be the most magical time of year for families across Scotland, but for some, it can also be the worst.

There’s no denying the joy of seeing the look on your child, family member or spouse’s face when they open their gift on Christmas morning, but at what cost does this come to your finances?


Falling into debt over the Christmas period is easier than many think and the reasons for falling into financial distress simple.

There’s an undeniable pressure that comes along with the bright lights of the festive season, with people often finding it difficult to find the balance between buying the perfect presents, enjoying festive parties and catching up with family from far and wide in a short period of time.

Unsuprisingly, people often turn a blind eye to the costs associated with the festive season and find themselves turing to credit cards or payday loans to cover the cost of the celebrations.

Bills become January’s problem, however, by being blasé about how much you’re spending in December can bring a whole new meaning to the January blues.

The holidays don’t sneak up on us, in fact the preparation for December 25th seems to start earlier and earlier each year, which is why it’s important to consider the best way to budget your finances well in advance.


How festive debt can be avoided

There are ways to stop your bank balance from being pushed to the limit during the holidays. Our best advice is always to prioritise your necessary bills as defaulting on these will cause you bigger problems later on. Once you have paid these, use your leftover funds for the holidays using these simple steps.

Set a budget

Create a strict budget and stick to it, giving yourself limits will help to avoid a shock bill at the end of the month. This might seem easier said than done but it’s vital if you want to avoid a financial hangover come January.

Plan ahead

Sometimes a little goes a long way and never has that been more true than when it comes to saving for Christmas. One of the easiest ways to save for the festive season is to put a little extra cash away each month in the run up to the big day. Adding gift funds to your savings can help to avoid being caught short when it comes to festive shopping. Building up a small nest egg of money for gifts means you can still buy that perfect gift without stretching your budget.

Spread the cost

Being prepared is also a great way to avoid falling into festive period debt. For example, buying gifts throughout the year allows you to spread the cost and avoid having to spend a large sum of money in one go. It’s the thought that counts, not the time you bought a gift.

Keep track of spending

Keeping a record of your festive spending will also help with this, especially to avoid going over your limit or any surprise charges. Check your bank account regularly to be sure you aren’t subject to any extra interest or overdraft charges.

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