Did you overspend this Christmas? Financial Survival Tips.

Did you overspend on your credit card this Christmas? Is the New Year bank balance filling you with dread? Don’t panic! Here are my survival tips for 2012.

1. Don’t ignore the post and leave your bank or credit card statements unopened. The last thing you should do is bury your head in the sand and ignore your finances.
2. If you are having trouble paying off your credit cards, are overdrawn or struggling to pay the mortgage, talk to your lenders and arrange to pay at least something off each month. The worst thing you can do is ignore these people, that’s when they start to get shirty with you. Talking to them is by far the best option.
3. Don’t be tempted to take out high interest, short term loans. You will end up paying well over the odds in interest. It simply isn’t worth it. It’s vital to budget sensibly. Work out your income and outgoings and set a budget. Create a list of regular bills that you have to pay so you know what the score is.
4. Check your credit rating. You can do this very easily on line , free of charge, at www.creditexpert.co.uk . 
5. Get rid of any credit cards you don’t use or need or are tempted to overspend on. Only use a credit card if you can pay it off at the end of each month.
6. Avoid the sales. Don’t be tempted to go out and spend yet more money on items you think you need just because they are cheap.
7. Check your utility costs and shop around if you think you are paying too much.
8. Open a savings account and aim to put a small amount away each month. You could even start to save just a fiver a month towards next Christmas so you are not paying out huge amounts on one go. Planning  and budgeting is key to managing your finances.

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For further information on how to manage debt, check out the One Stop Financial Security website at www.osfs.co.uk or call 07768 197507.

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