Christmas is observed to remember the birth of Jesus Christ who Christians believe is God’s Son. The Mass of Christ (or Jesus) is the source of the name Christmas. The Mass service, sometimes known as Communion or Eucharist, is where Christians recall Jesus’ death and resurrection. Only one service, the ‘Christ-Mass’, was permitted to be held after sunset and before sunrise the following day. People had it at Midnight. We get Christ-Mass, which is shorten for Christmas.
Christmas can now be celebrated all over the globe, regardless of whether or not they are Christians. It is a time for family and friends to come together and celebrate the good things that they have. People, especially children, love Christmas because it’s a time where you can give and receive gifts.
We all feel the pressure to gift our loved ones, family and friends, Christmas is just around the corner. It is always better to give than receive. However, not everyone is good at managing their finances. Sometimes we believe we are saving money by buying items on sale. This is actually encouraging us to spend more on things that are not within our budget.
This should not be the case for Christmas shopping. We shouldn’t worry about whether we will end up in debt from all the Christmas gifts in our shopping cart.
There is an option to pay for something in instalments and receive the item only after the full purchase price has been paid. This scheme is just like any other debt. We must be careful when we agree to it.
Shop Within Your Means
You should still shop within your budget, even if you are paying instalments. The items would still be paid for from your monthly income. It is important to determine how much money you can allocate for this type of expense without depleting your monthly funds for utilities, food allowances, transportation, housing, and other expenses. Although you may think it’s fine to purchase items that you can’t afford by making small payments, consider how this would impact your monthly cash flow.
Predict Unforeseeable Events
This could be a problem if you’re doing Christmas shopping. If your company is not making as much money, a laybuy may not be an option. You might find out that your landlord is developing the property and that your rent will go up if the landlord considers the property prime real estate. You might not be able to afford this type of payment plan, even if it is saving you money.
Credit Rating: Take Care
This is still considered a debt so missing payments could seriously impact your credit rating. It would make the item cost more than its actual price, as you will have to pay fees or fines. This agreement should only be entered into if you are willing to pay for it each month.
You can also keep track of your spending by keeping a journal, a page or small note in your daily planner or journal. You will also find it easier to track when your next payment is due, and how close you are in settling the entire amount.