We are already halfway through November which means December is nearly upon us. And although it's named the happiest time of the year, it can be a month of misery for families. In fact, the only people who tend to be smiling is retailers and suppliers! After all, so much money is spent during the month that leaves families short for the start of the new year. And once they start experiencing money trouble, it’s hard to find a way out. Therefore, here are some common reasons why families get into debt during December and ways to avoid it!
They spend too much on presents
As you know, December brings us Christmas. But along with the holidays, there comes a high risk of debt. After all, you have to buy so many gifts for everyone that it can break the bank. And when it comes to your kids, you want to buy them what they want. But it can leave you attempting to pay off debt for months! Therefore, you need to be more careful how much you are spending for gifts. Make a list of presents you need to buy and how much you plan to spend on each person. That way, you can see where to make cuts, so that you don’t spend too much. Also, you need to make sure you are buying gifts during sales. That way, you will save money when purchasing presents for family and friends. And you can check out our guide to gifts that won’t break the bank!
They put the heating on too high
The weather is already chilly. But the temperature drops even more during December. Therefore, you are going to put the heating on high. However, once winter is over, you will receive a large bill that you can’t afford to pay. Therefore, you need to be careful with the heating in your home. Set it to come on during times you are going to be in the house. After all, a lot of families have it on all day long which is costing them a small fortune. Also, if you have a fire in your home, you should use this to keep your family warm. And if you do get a large bill next year that you can’t afford you might want to look into something similar to cashfloat short term loans. That way, you can pay it off quickly without getting into further debt via the extortionate interest!
They spend a fortune on medical costs
As the weather takes a turn for the worse, it leads to an increase of flu. And as you know, it can be a nightmare when a member of your family does get it. You have to spend a fortune on flu products to help them get better. And if they do go to the doctors, you will have to fork out for the appointment. Therefore, you need to prevent your kids from getting bugs at this time of the year. Make sure they are all wrapped up warm before they leave the house. And encourage them to wash their hands at school, so they don’t catch bugs. Also, remember pets need to keep warm too. Vet bills can cost a fortune, so ensure they stay wrapped up to avoid bugs!
They spend a small fortune on home repairs
Unfortunately, families experience more problems with their home during winter. For example, with the bad weather, it can cause issues with their roof. And they may also experience leaks in the homes if their doors and windows aren’t weatherproof. Significant home repairs can end up costing a family a small fortune. Therefore, before the bad weather hits, you need to make sure you winter-proof your home. Check the sealings on the doors and check the condition of the roof, so that you can deal with issues before it's too late!
They buy expensive decorations for the home
A lot of families end up spending a small fortune on decorations for their home. After all, companies hike the prices up every year so that a Christmas tree can cost you a bomb. Therefore, to ensure your family doesn’t get into debt during December, you should make your own decorations with the kids. Your home will look more unique if you have cute paper chains in your front room. Also, opt for a fake Christmas tree for your home which will last you a couple of years. It will save you spending a fortune on a real one which will be thrown out after Xmas.
And be careful not to spend a fortune on days out with the kids while they are off for the holidays in December. Have fun days in your home, rather than spending a small fortune on trips to the movies!