Yes, December can be debt free! Try these simple rules and savings tips.
Get the basics right
1. Set your December budget
Work out how much you can comfortably spend on holiday season expenses like gifts and entertainment and draw up a budget for the month. Celebrate responsibly and don’t overspend!
Check your spending against your budget every week.
2. Track your spending
Setting a budget is easier than sticking to it. When you track what you spend you can see if you are within your budget, or if you are spending more than your budget allows. Check your spending against your budget every week.
Top tip: The “envelope method” is a great way of controlling your spending. Put what you have budgeted for a particular expense into an envelope, in cash, and spend accordingly - when it’s gone, that’s that!
3. Say no to credit
It’s easy to pay with credit cards, store cards and retail accounts, but also easy to overspend. Rather stick to cash and debit cards.
Top tip: Lock your credit card away for the month. It may become a habit you want to keep!
4. Don’t forget about January!
Many of us get paid earlier than usual in December, which means that your salary needs to last six weeks. In addition, January often comes with extra expenses that need to be planned and budgeted for, like stationery and school uniforms.