Let’s be honest! It’s easy to get carried away with spending more money than you planned to and even money that you can’t afford to spend during the festive season. It’s jolly time, and after the tough year we’ve all experienced, we might overdo it when it comes to spending this festive season all in the name of making up for the year that was.
Let’s not forget that our finances don’t magically increase nor do your financial woes just magically disappear just because we enter a new year and the same applies with your debt and financial responsibilities, so it’s important to monitor how you spend your money during the festive season to insure that you are not stressed out come January, after all, we are only two weeks away from January!
Below are a few tips to help you manage your spending better and save during the festive season:
- Set a holiday budget: When you have a budget in place, you know exactly how much you can spend and it’s important to stick to that budget to avoid overspending.
- Set aside priorities: You don’t need to buy everything you want all at the same time, just because the holiday spirit is in the air. Draw up a list of things that you and your family need during the festive and will need in the first three months or so of the new year. That way you get the things you need and deal with the wants/extras in smaller portions and at a later stage. I’m not saying deprive ourself of having a great festive season, but do spend smart.
- Avoid shopping malls: If you have no business being at a shopping center STAY HOME! Now more than ever, we all need to be avoiding crowded places due to the global covid19 pandemic. Shop online or go to the stores early and get enough of what you’ll need during the festive season. Shopping malls are quite temping especially when you struggle to stick to a spending budget.
- Don’t fall for all sales: There are some things worth buying on sales and in bulk to prep for the festive season and the year ahead, however some sale items are not worth it. Don’t go out of your way looking for sales just to find yourself spending more than you planned to.
- Stay home: The festive season is a great time to connect with our families and loved ones. Use this time to stay home and adopt or create cheaper festive traditions to celebrate and have fun at home e.g. instead of taking the kids out to the mall, stay home and play board games, bake together, braai, create family photo albums, make popcorn and watch a movie together. Also look into making your own Christmas gifts instead of buying new items, this will make for a fun bonding time too.
I hope these tips will help you spend wisely and save for Januworry! Have a great festive season.
Image: Getty Images
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