Cold Christmas without cash

Santander recently announced that it was reducing the overdraft facilities on thousands of its accounts before Christmas, leaving many customers worrying that they will be left unable to pay for the festive season.

With increasing costs crippling many families - particularly as the colder months set in and gas bills start to rise - debts are piling up to an unbelievable level.

What has come as a worrying shock is the number of people who seem so desperately reliant on their credit cards and extensive overdrafts in order to survive. Budgeting seems to have become all the more difficult as the UK public find themselves pulled into an endless cycle of re-payments and interest bills.

While it may seem like an overly simple solution, we at Cash-is-Cool honestly believe that a strict cash-only budget is the most sensible way forward during these times of sever economic struggle.

Eliminating the temptation of overdrafts and credit cards will undoubtedly provide many people with the strict focus needed in order to get themselves back on track financially.

And, as well as enabling many to avoid using their cards, a cash budget allows you to keep track of everything that you spend, meaning you have the chance to monitor your day-to-day finances closely.

You will also find that by putting a bit of cash away each day/week/month, you'll begin to build up useful store of savings for those occasions when you'll need a bit extra. Christmas, birthdays, a particularly large bill - they all might be a bit more manageable will some careful cash budgeting. 

Friday, 21st October 2011

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