The latest research by Opinion Compare revealed that over a quarter of the New Zealand population spent more on Christmas than they planned to. And over half of those in debt say it is causing them anxiety. Here are some top ways to deal with Christmas Debt...
The latest research by Opinion Compare revealed that quite a few of us spent more than we planned to this Christmas. And, for those of us who went into debt, over half said that the debt is causing them anxiety.
And, a lot of us seem to have an appetite to make some changes following spending in the Christmas period, with saving money and making a budget or improving it in the top 10 New Year resolutions this year.
How is Christmas debt effecting us?
Over a quarter (26%) of the New Zealand population spent more on Christmas than they planned to.
The survey of 523 New Zealanders found that respondents spent an average of $769 on Christmas, and used a variety of methods to finance the festive season, including buy-now, pay-later, credit cards, loans or borrowing money.
Those who said they were effected by debt estimated that their debt to be an average of $552. The concerning factor is the level of anxiety the debt is causing, with 57% of people who feel like they are in debt stating it’s causing them anxiety.
Despite the anxiety, over half the survey respondents said they planned to budget better to pay off their debt.
Top tips to get on top of Christmas debt
Don’t let anxiety about money follow you into the New Year. This is a great time to start the New Year off on the right foot, take control of your finances and set up a nest egg to pay for next Christmas from your savings.
There are lots of ways that NZ Compare can help save you money and take control of your finances.
1. Start by tackling existing debt
Start by tackling any existing debt you have. Money Compare is a great place to start – it’s completely free to use, the quick and easy tools help you compare financial products and make an informed choice. You can look at options to get debt-free quicker by consolidating your debt and making sure you don’t pay more than you should in interest and fees.
2. Make sure you’re not paying too much for broadband
Make sure you are on the right broadband plan. Too many New Zealanders are paying more than they should for broadband. Why not take a few moments to check your address with Broadband Compare and make sure you’re getting the best deal on broadband. Any savings on your regular bill can go towards paying of your debt, or be tucked away into savings for next Christmas.
3. Give your mortgage a health check
Look for opportunities to save money with a mortgage a health check. An “unhealthy” mortgage could potentially be costing you thousands of dollars. A mortgage advisor can give you free advice on your mortgage, provide you with a summary of the best mortgage and home loan options, and can often reveal saving opportunities.
3. Get paid for sharing your opinion
Join Opinion Compare and be rewarded for sharing your thought and opinions. Complete surveys throughout about all sorts of topics, earn points and then redeem those points for gift vouchers from top New Zealand brands. Perfect for Christmas shopping next festive season!
The surveys are really easy, most of them around 10-12 minutes (or less!), you’ll be rewarded and your opinion will help to shape the products and services offered in NZ in the future.