Pre Pay Credit Card to Budget Pay
An early Christmas payday could be bad for many Brits’ bank balances if they fail to budget to make it last into the New Year.
If you are worried you may overspend this Christmas try using a pre pay credit card to help you budget.
December is an expensive month for everyone - rushing to buy presents and food for the festive celebrations - and many employers show generosity by paying salaries a week or two early.
Moneynet warn however, overspending over this period could see consumers facing bank charges of £90 or more.
Mums and dads across the country are set to spend £168 per child this year on Christmas presents LV= showed, with over half of parents spending the same amount or more than they did last year.
Pre Pay Credit Card
While an early pay check could help with cash flow this Christmas it is important to remember to set aside some for bills and other daily expenses.
To help you budget, a prepaid cash card could prevent you from overspending so you can be sure you will not go into your overdraft and be faced with heavy penalties.
If, however this is unavoidable make sure you know exactly how much you are going to become overdrawn by so you can prevent this from getting out of hand, and can then plan how long it will take you to pay it off.
You should also check with your bank the terms on your overdraft, if you do not have an agreed overdraft account the interest rate charged on the money you borrow will be significantly higher than one which is prearranged.
It is easy to arrange and can be set up in a day by phoning up your bank or applying online.