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Seeking Advice on Overspending During The Christmas Period




The holiday season is supposed to be the time for celebration and happiness, and shouldn’t have to resort to people dealing with severe financial trouble. It is highly important for people to recognise overspending as a key issue, as well as finding ways on how they can combat it whilst dealing with debts. In this blog we will cover how those who are struggling with their finances can deal with overspending during Christmas, as well as finding alternate solutions for those that are looking to liquidate their company in the coming months.


Identifying Spending Patterns:

Through the analysing of monthly cash flow, people will be able to identify bad spending patterns that can be impacting financial health severely. By categorising expenses, individuals can select specific areas where overspending seems to be a problem. This knowledge is highly important for the planning of making strategic changes to the weekly and monthly budgets. Therefore this helps in allowing the direction of funds to be pushed more towards high priority areas such as savings, investments or debt repayment.


Evaluating Debt and Setting Realistic Goals:

For many of those that are struggling with finances this year, managing debt is a crucial aspect of financial planning. Monthly cash flow forecasts provide a detailed view of a person's financial obligations which are any outstanding debts or regular payments that they must take. Now after reviewing this information, it can help others in evaluating debt management strategies, as the cash flow forecast serves as directions, ensuring that an individual's savings goals match with their overall financial strategy.

By creating a list of gifts that you would like to get family and friends a couple of months before the Christmas holidays, it gives people a set target and limits the use of grabbing unneeded items off the shelves. Shopping around and comparing different shop prices with each other is also a great way that can prevent customers from overspending in the festive season as it can assist in making sure that you as a customer are receiving the highest deal that you can. This results in having a larger amount of saved money that can be put towards savings, debt repayment or investments.

For Businesses Looking to Liquidate:

The liquidation process of a business is where the company is winding down its operations and assets, paying off any liabilities and distributing any remaining funds to the business’s owners. Liquidation of a business occurs when the company is filing for bankruptcy, insolvency, or a voluntary choice made by the business owners to close the company. If you are part of a business that is potentially going through the process of involuntary liquidation within the coming months it is highly important to seek out an insolvency company that can help guide you through the process including any repercussions that will occur when closing down the company. If the owner has personal debts, then the liquidation of a business could also result in the risks of personal assets such as expensive cars, watches and in some cases even the risk of losing your home. Your insolvency provider may also offer alternative solutions to liquidation of the company, which is something that the company themselves will be able to cover due to each unique condition of the businesses.


Silver Insolvency Solutions - Contact Us

We have over 40 years of experience in the industry and can help you to solve issues, which feel impossible to face.

So get in contact with our team as soon as possible! You can email us directly at stephen@silverinsolvencysolutions.co.uk. Or call us on: 0203 961 7169 / 07872 606005.

We hope to hear from you soon!


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