Prevent Festive Debt with a Prepaid Card UK
The nation’s monthly spend increases by 65 percent research reveals to meet the cost of Christmas in December.
According to a report by Bright Grey almost 5.5 million British adults will be spending more than they can afford as a result and will fall into debt.
If it is likely you will overspend this Christmas try using a prepaid card UK to help you manage your money and prevent you from getting into debt.
The £362 typical average monthly living expense rises to £598 in October, November and December, which equates to 45 percent of the average £1,346 wage.
“Christmas is a strain on nearly every household’s finances,” said Roger Edwards, Bright Grey’s proposition director.
“Planning ahead for not only Christmas, but the future, can help every household for those unexpected events or those fun festivities.”
Men were shown to spend the most over Christmas with an average of £661 per month in the last three months of the year compared to women who spend on average £543 per month.
Many express feeling guilty if they do not provide their family with all the presents they asked for, accounting for 35 percent of those studied, with a further 35 percent claiming they overspend over this period because they have to.
Budget with a Prepaid Card UK
A worrying 14 percent who overspend and fall into debt say it is because they are not good at managing their money.
If you are bad at keeping a close eye on your finances and the festive period could see you start the New Year in debt try loading your budget onto a prepaid debit card.
As the card does not have an overdraft facility card users cannot spend more than they loaded onto it – helping to prevent them from unknowingly spend over their budget.