Beat the debt trap this holiday

Spend, spend, spend. That seems like all we’re doing during the festive season, right? The repercussions of this are often a bleak January, with budget-meals and fervent prayers for payday to hurry up.

Why not stop the debt trap habit by following these simple ideas to curb your spending this holiday?

1. Have a budget and stick to it. Yes, this is easier said than done but if you are diligent about a compiling a budget, sticking to it should be a breeze. Remember to list down your essentials first like rent, electricity, water, food, retail accounts as well as school fees and stationery. Once this is done, you will have an idea about how much you can spend on gifts and luxury items.

2. Treat yourself to a debt free holiday. Bonuses and cash gifts may assist you ease the debt trap this season. Why not use the additional money to pay off credit card debt or a retail store account?

3. Make your own gifts. Instead of splurging on a costly gift set, why not sit down and think about a unique gift that you can make? You will have to invest time but DIY gifts can save you a lot of money.