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Managing economies after the Christmas splurge

The excess of Christmas and the excitement of the shopping sales period that follows can put a strain on economies. Intrum Justitia’s Marketing and Client Care Manager Patrick Kriegel has 10 tips for keeping economies healthy throughout the year.

  1. Note how much last Christmas cost by listing the extra expenses.
  2. Make a separate fund for Christmas at the start of each year. Decide how much money you need in the fund based on your previous Christmas expenses and start paying part sums into the fund.
  3. Make another fund for your regular expenses such as rent and utility bills.
  4. Monitor your expenses monthly and don’t spend more than your budget.
  5. Think twice before making purchases. Do you really need it? Maybe there is a cheaper alternative?
  6. Don’t sign contracts without understanding the terms and conditions. They might be boring but they contain essential elements.
  7. Pay your bills on time to avoid extra costs such as late payment fees. And keep your bank account in balance to avoid interest fees.
  8. If you are unable to pay an invoice in time, inform your creditor. You might be able to agree a payment plan or defer your payment.
  9. If you don’t pay an invoice you may be contacted by a Debt Collection Agency (DCA). You should react immediately to avoid extra costs. Tell the DCA about your situation. DCAs such as Intrum Justitia will help you find a solution.
  10. Don’t ignore your financial problems. Seek advice and try to get the situation under control as quickly as possible.