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Christmas planning is essential if you’re in a trust deed

8th August 2011

Any individual who has signed a trust deed will already be used to budgeting each month. You may soon start to think about how you will pay for Christmas this year; a subject recently discussed on a couple of occasions by the members of our trust deed forum. Christmas can be a stressful time, especially if you are worried about money; in this article we will look at how careful planning, combined with some useful tips, can result in a good Christmas without spending a huge amount of money.

Planning in advance will help you establish how much you are likely to spend on Christmas presents. Make a list of everyone you want to buy a gift for and how much you can afford to spend on each, and keep a record of how much you are actually spending.

Once the list is made it’s a good idea to look for bargains throughout the year. As well as spreading the expenditure over the year you’ll also often be able to buy presents in advance for much less than they’d cost in the run-up to Christmas. The internet sites Freecycle and Gumtree may well be a useful source of bargains.

Putting a few pounds away each month is a better idea than trying to pay for everything in November or December. Supermarket stamps might be one way to achieve this. You could add some extra impetus by saving supermarket clubcard points throughout the year, which will also help towards the cost of Christmas.

If you are looking to make a few extra pounds before the Christmas rush you could look at completing surveys in return for vouchers. There are many survey web sites where you can exchange credits for store vouchers, which can then be used to buy gifts.

One trust deed forum member recommends putting aside the 1p, 2p, 5p, 10p and 20p coins amassed throughout the year. Giving time this can turn into a valuable emergency or Christmas fund.

If you plan ahead and are realistic then you can enjoy the festive season without racking up more debt. Knowing you have not used credit to fund Christmas, and not having to worrying about January’s credit card bills, will provide a great relief for those individuals used to expensive and stressful Christmas periods.

Whatever you do, please do not turn to payday loan companies. Some will charge over 5000% Apr; and apart from being an extremely expensive form of borrowing will make the trust deed payments all the more difficult to maintain. Payday loans are a common reason for missed trust deed payments and in some cases lead to the trust deed failing.

For further trust deed advice, information and support sign up to our forum where you can discuss your situation with trust deed specialists and members of the public experiencing the same financial concerns. Alternatively call our dedicated advice line on 0800 043 7201.

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