7 December 2021
Most people tend to get carried away over the festive season by going overboard without a proper plan set in place. Of course, you want to spoil and enjoy yourself during the December festive season but keep in mind that your budget can only allow you to do much. Be careful not to fall into the overindebted trap during the December holidays because it will probably have damaging consequences come January.
When you add most of your basic needs to your budget there is usually not much left to spend for festive entertainment and gifts. However, there are ways to ensure that you cover all your monthly expenses and still have some cash to spare to make your holiday special. Below are a few tips to help you avoid overspending over the festive season:
Set a budget
Keep track of your money so that you know exactly how much you have available to spend.
When you have set up your budget plan, explain to your family how you allocated money for expenses and gifts during the holidays. This will help you to avoid disappointments that come with expectations from your family members.
N.B if you cannot afford to buy something cash, do not buy it. Limit credit card purchases.
You do not have to go out every day of the week. Pick a day to go out and find other fun and free things to do during the rest of the week. You can have fun-filled family game nights at home or host a few friends over at home instead of going out.
Make personalized gifts
Buying Christmas gifts can be expensive. Where possible, try and make personal gifts for your loved ones. You could bake cookies, put them in a jar and wrap a ribbon around it for a bit of festive cheer or invite close friends and family over for a Christmas lunch.
Be smart, accessorize
There is no need to buy a whole new Christmas outfit. Use what you have in your wardrobe and just add a few sparkly accessories to jazz up your look. The trick is in a new hairstyle, a manicure set, a pair of new earrings, or a simple watch.
Look out for sales
In the spirit of Christmas, you could find yourself a few savings on Christmas sales, promotions, or discounts. If it’s value for money and within the budget, take advantage of it.
Lastly, if you are going to receive a year-end bonus, put that money to good use. Instead of spending your bonus over the holidays, use a percentage of that to settle small debts which will improve your cash flow and save some of the money to see you through the long month of ‘Janu-Worry’.
UASA wishes you a happy festive season!