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It is just over two months until the big day comes, and with it, all the expense of gifts, food, visits to Santa and everything else we have to pay for at this time of year – and it will be here before you know it!

How can Wink Capital help?

The average household spends around £800 at this time of year, which, when you think it is for one or two days, is pretty insane, especially if you end up with a huge credit card bill in January that you end up struggling to pay off for years to come. The problem is, you end up getting stuck in a cycle where you have to borrow more money because you are spending so much money on credit card repayments, and it becomes a vicious circle that is nigh on impossible to get out of. However, if you think about consolidating your credit card debt with Wink Capital, you may just see the light at the end of the tunnel.

As well as consolidating your credit card debt with Wink Capital, what else can you do?

Consolidating your credit card debt with Wink Capital is something that will help you not just over the festive period but in the long term as well. However, here we share our top tips on how to avoid getting caught in the red this festive season, and how to start 2020 debt-free.

• Frugal festive fun – It’s so easy to get caught up in the festivities, and of course, you should enjoy the celebrations, but being savvy and careful can reduce that New Year finance hangover. For that Christmas party outfit, pick an item you could wear several times in the next year, so it doesn’t just go to the back of your wardrobe. Thinking about festive food? Well, this is the time for deals. Whether that’s money off vouchers from supermarket loyalty cards, or taking advantage of bigger order offers online – try and work out what food you need in advance and stick to it.  And remember your freezer is your best friend to avoid wastage – you can even freeze milk!
• Budget bigger and better – It is inevitable, the dishwasher might need replacing, the fridge goes on the blink or your car breaks down at the worst time. We have all been there. Taking time now to put together a contingency plan will pay dividends in those situations. So if you know you may need to upgrade your car in the next year, or you have a holiday that needs to be paid off, then put it in your 2020 budget now.
• Plan, or plan to fail – It sounds SO boring and it’s hard to do, but some kind of budget on a monthly basis can really help to understand what you can and can’t spend outside of the essentials. The Universal Credit changes coming into play over the next couple of years are going to be tough for some families, plus there are the general fluctuations of household bills throughout the year – winter always costs that little bit more due to heating bills. Assuming you will be spending the same each month can be a financial recipe for disaster. Look back at your spending for this year, then calculate what you might spend each month in 2020 and budget accordingly.
• Get subscription savvy – We live in a subscription-based world with an abundance of providers to pick from. Often, retailers will offer affiliate deals alongside subscriptions as they are keen to keep us hooked to their services. Make sure you are signed up for emails to ensure you receive all the affiliate deals and take advantage; sometimes it’s possible to consolidate two or three services through one provider, which saves money.
• Switch it up – This is where the quick wins are!  ALWAYS check your household bills at the start of the year and see where you can save money by switching.  This can be significant.  As the majority of household bills are taken via direct debit, it’s easy to forget what the actual usage is and whether you are maximising your subscription, contract and allowance. Utilising apps that help you organise this, by showing usage each month and offering switch deals based on your usage, is certainly the easier route to take as it significantly reduces the life admin!
• Quit the coffees and sandwiches – These days, so many of us grab a takeaway coffee from our favourite coffee shop on the way to work or pick up a sandwich from the shop for lunch. While this can be nice as a treat, think about how much money it costs over the course of a year. Hint – it is a lot! If you really can’t do without a coffee, invest in a reusable travel mug, which has the added benefit of being better for the environment, and make a coffee at home and take it with you. The same goes for your lunch. It also has the added bonus of not spending ages waiting in queues every morning or lunchtime!
• Get selling If we are being truly honest with ourselves, we are all guilty of spending money on items that we really do not need. Instead of collecting items, even if you believe they will be worth more in the future, it is a good idea to instead make money by selling your items instead. These funds can then be put towards other financial goals that you may have.
• Sign Up for Customer Reward Programmes Now on the high street, it is extremely common for retailers to offer you rewards for shopping at their stores and this can quickly add up to save you lots of cash next time you shop there. However, it is important to remember that you shouldn’t be spending cash unnecessarily just to collect points as this defeats the purpose of trying to find ways to save cash.

Other than these tips and consolidating your credit card debt with Wink Capital, what are your top tips for staying out of debt over this festive season and beyond?