While we still haven’t celebrated the big day yet, it is easy to see that many people are looking ahead to the New Year and some difficult times. The festive season is great but many people are left with a bad hangover to start the New Year with, and this isn’t just down to the amount of alcohol they drank at the works Christmas party. If you overspent at Christmas time you may be concerned about your finances but there are ways in which you can take control of your money.

If you are looking for some Christmas debt busting tips, you are in the right place. There is no need to overly panic about spending too much at the festive season but you do need to be able to take action and reclaim your finances.

You need to draw up a sensible monthly budget

You have to work out what is coming in to your account and what is going out. With this in place, you can create a monthly expenditure budget based on what you earn every month. You need to make sure that you stick to your budget, so be prepared to be tough and try and have some willpower.

Use cash

You may think that it is easier to use credit cards at this time of year and that there is a benefit from the level of protection you receive from using these cards but this isn’t the case. In fact, you’ll find that using credit cards will only make problems worse, so you will want to pay for items in cash as much as you possibly can.

You need to cut back on luxuries and unnecessary items

The festive period may be a great time of year for luxuries but when it comes to getting your finances in order, you need to cut out things that aren’t vital or crucial. This may sound harsh, and it can make a long January seem even harder but if you are able to take steps to cut back on non-essential items, you should find that your finances will be placed in a far more attractive place.

If you hit the sales, be savvy

There are still opportunities to gain bargains when you shop after Christmas but you really need to make sure that you need what you buy and that you are getting value for money. Don’t splurge on items that you don’t really need.

You may also want to consider obtaining a guarantor loan to help you gain control of your finances and help yourself to feel more in control of your cash at Christmas.