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September 6th - 2010
Guest interview with Lee Hicken, Hebe Media Hebe Media ran a very successful social media campaign for Marketing Leeds in Barcelona earlier...
Experts warning on drink-fuelled festive spending
Research released today by insolvency trade body R3 finds that one in three young people (34%) admit they have spent more on evenings out than they originally planned as a result of consuming alcohol.
Andy Wood, Yorkshire regional chair of R3 and partner in The P&A Partnership says: “In the run up to Christmas, ‘drink spending’ can have long-term consequences on your finances, however harmless it seems at the time.
“We know that getting into debt is one of the biggest fears young people have and avoiding drink-fuelled spending can help people to stay in control of their money. One tip would be to leave your cards at home and pay in cash so you can keep track of your spending.”
The research, which looks at alcohol-induced spending among 18-24 year olds over the last year, also finds that one in ten young people (13%) have woken up without remembering how much they’ve spent the night before and one in five (18%) admit to thinking ‘who cares about money – I’ll deal with it another day!’. The research suggests that buying spontaneous meals and luxury drinks such as cocktails and champagne may account for impulsive purchases.
Andy Wood offers these tips to avoid drink-fuelled spending: “Work out how many evenings out you have planned before Christmas and allocate how much you plan to spend on each. If the number of evenings you have planned out means you’ll spend more than you’re earning, cut down and cancel. Before you go out, draw out a set amount of cash that you can afford to spend and use that as your total budget for the evening.
“Finally if you believe you’re getting into trouble with your debts, make it a New Year resolution to seek help as soon as you can.”
