Long-term view: think of March
Among the expenses for the festivities (Christmas, New Year, purchases on the festivities...), an average of 30% is spent more in December than in the rest of the months of the year. To mitigate these expenses, many people resort to consumer loans or the indiscriminate use of credit cards.
At BMI we want you to take care of your economy and not get into debt in the final stretch of the year. For this reason, we have prepared some tips that will help you get through the holidays without having to break your accounts. Continue reading!
The first step to plan our expenses in a moderate way is to remember March. It's quite a spoilsport to mention the third month of the year when we're just looking forward to Christmas. Borrowing at the end of the year for Christmas, New Year implies that in February and March the credit you requested will be combined with all the rest of the expenses.
Tips for holiday shopping without going into debt
At BMI we have compiled a series of tips for you so that you can cope with the cost of January, February and March. Remember, The idea is to maintain a balanced budget and not exceed one month to pay for the rest of the year.
- Create a budget. The first thing you have to do is know how much money you have. To do this, take into account your monthly recurring expenses and after subtracting what you have, you will know exactly how much money you have for your purchases.
- Compare prices. The price differences between the different establishments are often notable. Buying in those where the quality-price ratio is the most favorable is the key.
- Visit online stores. Before going out to physical stores to buy, it is interesting to browse and see the options online. There are many online sales sites or internet outlets that offer products with up to a 70% discount compared to the original price, which represents considerable savings.
- Be careful with credits and cards. It may happen that you discover that you do not reach that "ideal" budget for your purchases, and you find yourself in the need to use your credit card or financing. Applying for a consumer loan is already an important financial responsibility. After all, you will spend several months paying for a taste that will last only a few days and if you do not price it intelligently, you can go into debt.
But if the credit installments are already enough to tighten your belt, combining this loan with your credit card debts can put you in serious financial trouble. The recommendation is to finance your seasonal expenses with a single credit method, and not use cards + consumer loans. Otherwise, your level of debt will be too much and your budget will crash at some point, especially around March.
Do not forget to keep track of each of your expenses. This technique will help you keep up to date with everything that happens at these parties with your accounts, as well you avoid stress, so that you only have to worry about what is important: making this Christmas better than the previous one for you, your loved ones and your finances.