The festive season is upon us and I know how much we’ve all been looking forward to this holiday. I know I have! All we want to do is relax, have enough fun and make the best out of the break. It’s also natural to be in high-spending mode. It is the festive season, after all.
But, we must look past the season, look beyond the the period after.
Take a deep breath!
We do not want to start next week with emptied bank accounts. Here are some quick tips to help you make good financial decisions this festive season.
Plan and Budget
In order to avoid overspending this festive season, the best decision we can make is to plan ahead and make a budget. By doing this, we will have control of our finances. We have to:
- Decide and understand how much money we want to spend this break
- Make a list of all our expenses this season e.g fuel, entertainment
- Make sure we know where the money is coming from
- Make a realistic budget to efficiently track our spending
- Provide for miscellaneous expenses
The way we create our budget is up to us. But I want us to create this budget before the season starts and and make sure we revisit it to know we are on track.
During this season, we should try as much as possible to avoid impulse buying. I know its a festive season and it might be quite difficult, but we should try to develop that self control and avoid regrets.
MAKE SHOPPING LISTS!
Impulse buying is the buying of goods or things without planning to do so in advance
There are lots of sales going in festive seasons. Take advantage of those as well as the deals and discounts on the various online platforms, shopping sites and even the offline shops (market).
Avoid Debt and Regrets
This season, we need to avoid debt as much as possible. I understand we all want to have as much fun as there is, but we should not borrow to do so.
We have to constantly remind ourselves that these seasons come and go, but debts are always hard to pay back. Manage what you have this period. Make it enjoyable in your own little way and spend it with loved ones.
Maintain Your Savings
It is very easy to get caught up in a lot of spending this season. And its hard to maintain our savings option since there’s always the pressure to go all out with the spending. I want us to maintain whatever saving option we’ve been into and also try to save during this period.
There is nothing like over saving when you have a target to reach.
Remember: Saving is worth it, it’s just that the end result feels so far away
Have a wonderful holiday! I would love to hear about how you spent it, so drop me a note too!
Have a great week, and until next time,