We all know that the holiday season usually means spending more money than usual, but it’s very important that you don’t lose track of your end goal of being financially stable and debt-free. At the end of the season, you still want to ensure you have a firm hold on your finances and continue your debt-free journey. After all, being in control of your finances is one of the best gifts you can give yourself, and the ones you love.

If you are in debt counselling and your repayment plan has been drawn up, you have to commit to meeting your repayments every month. Remember, if you miss a repayment and a creditor takes legal action against you, your counsellor won’t be able to help you. Once you default on repayments when you’re under debt counselling, your creditors have the right to cancel your agreement and take legal action.

So here are some handy tips to ensure you have a great holiday that won’t cost you in the long-run:

Budget budget budget!

A budget is there to enrich your lifestyle by guiding you to spend more meaningfully and to also help you keep track of where your money is going. Before the holidays begin, draw up a budget which includes all of your expenses. Remember to prioritise your most important expenses and see if there are any areas where you can save i.e. gifts.

Get crafty.

Gifts, cards, food and décor can all add up, very quickly. Get creative, research and save a significant amount of money through online resources that offer homemade gift ideas, cards and décor added bonus, you can keep the kids happy and busy!

Quality over Quantity

Manage your family’s expectations when it comes to gifts and activities, so that you don’t feel pressured into buying expensive gifts that you cannot afford. If your family members or visitors are coming to visit, why not share food costs and other expenses?  For most of us, the holidays are about spending quality time with the ones we love. When we focus on this, then spending during the holidays doesn’t seem so important.

Don’t let your debt dampen your festive spirit. If you need advice on how to stick to your repayment plan or would like to end the year off with debt-free solutions, our trusty and professional team at Meerkat can help. Contact us today for a very merry holiday season and a debt-free New Year!