Halloween may be a festival of all things eerie, but nothing can be more spine-chilling than the spectre of debt. Find out how to keep this particular phantom at bay with these 5 tips from the crypt.
It’s that time of the year when all manner of creepy crawlies rise up from their slumber to haunt unsuspecting victims in their sleep. No, it isn’t election time yet; it’s Halloween. The festival of scary masks, trick or treating, jack-o-lanterns, and your grandma sans her dentures.
Since time immemorial, tales have been told around campfires on this very night of ghosts, goblins, and things that go bump in the dark. Sounds like a ton of fun, especially if you’re a little kid, but most adults do battle with a different kind of spook every Halloween. Whisper it in hushed tones, because we’re talking about the grisly spectre of debt.
Additional Reading: 5 Tips On How To Get Out Of A Debt Trap
If you happen to be one of those folks who love to celebrate festivals, regardless of which festival it is, chances are you’ve already sent your werewolf costume to the dry cleaners in anticipation of the big day. Any excuse to get wasted right? But therein lies the problem. You have a tendency to go overboard, and then wallow in regret over the next few weeks.
Well, if you’re that kind of a person, worry not! Here are five tips to keep in mind before you dunk your head in a pumpkin full of vodka. Memorise them or write them down on the inside of your mask. Just make sure you don’t forget them.
Beware The Card Of Doom
Yes, we know how it goes. You’re out partying, you’re having a good time, you’ve had one too many Tequila shots, and the next thing you know you’ve whipped out your Credit Card and paid for everyone in the room, much to the delight of your friends.
We’ve all been there. In the heat of the moment you just want to have a good time; money be damned. Unfortunately, once the party’s over, the apparitions of that wild night come back to haunt you the next morning in the form of phone texts from your bank while you’re nursing a humdinger of a hangover. So, before you head out this Halloween, remember that awful feeling and make sure you keep your Credit Card in your pants regardless of how many beers you’ve chugged.
Additional Reading: 5 Bad Credit Card Habits You Need To Change Right Now
Exorcise Those Credit Card Demons
Ok, so you ended up using your Credit Card at the party after all. And unfortunately, you ended up footing an absolutely gargantuan bill that would even make Count Dracula slither back into his coffin. The damage may be done, but you can still get out this ordeal unscathed.
Buckle down and immediately pay off the entire amount you used your card for, or at the very least pay off a sizeable chunk. This will help bring down your overall card balance and reduce the amount of interest you will be liable to pay. If it means no partying for the next few weeks, then so be it. At least your nights will be devoid of Credit Card-related nightmares.
Additional Reading: Why Paying Only the Minimum Due on Credit Cards Is a Bad Idea
Save Your Soul
As the good Doctor Frankenstein said, prevention is always better than cure. Unfortunately, it didn’t exactly work out too well for him. But never mind. It still stands as sound advice. A few weeks before you head out to dance the night away with your ghoulish companions, make sure you have a stash of cash saved up under your floorboards (or better yet, in the form of a Fixed Deposit) in case you happen to go absolutely bonkers with your food and drink. This should soften the blow of any financial injury you might bring upon yourself.
Additional Reading: Saving Hacks That Work. What People Have To Say
Avoid Dealing With the Devil
Borrowing money should be a strict no-no, especially over a festive time like Halloween. There’s every chance you could get caught up in the revelry of it all, and end up taking out a cash advance on your Credit Card. Keep in mind though, the devil always takes his pound of flesh, and in this case, your cash advance will most definitely come with massive fees and interest charges. And the most hellish part of it all? You get charged on a daily basis. So make sure you avoid the tines of this particular pitchfork at all costs.
Additional Reading: 6 No’s of Credit Card Usage
Keep these tips in mind as the witching hour draws near and there’s every chance you could experience a treat of an evening rather than getting tricked out of your hard-earned money.