Want to keep your holiday spending in check? These tips can help.
While there’s no place like home for the holidays, one festive pastime worth avoiding at all costs, literally, is any temptation to overspend on your gifts, travels or parties. There is plenty of pressure to live it up and give great gifts, travel to all friends and family and be the life of the holiday party, but no spending is worth the cost of post-holiday debt or financial woes in the aftermath.
1. Treat yourself a little bit less
By now, we’re all too familiar with the “latte habit” savings cliche, but it’s key to ramping up those holiday savings. In essence, the theory goes that if you stop spending on lattes (or lunch out), you will have more change in your pocket. These small lifestyle tweaks are easy ways to save on everyday expenses.
2. Get to know your old friend “cash” again
In a fast-paced, digital society, one of the biggest things to get lost in the shuffle is cold, hard cash. For some, a plastic spending spree could bring on holiday financial stress once the bills come in. One easy suggestion to track your spending, and save money during the holidays, is to use actual cash instead of plastic. It’s often known as the envelope budget. The trick is to withdraw only the amount of cash for which you have budgeted. Once that amount is gone, resist the temptation to spend money you don’t have and call it a day.
3. Make a shopping list (check it twice) and commit to it
Your shopping strategy is key if you’re trying to save money during the holidays. If you’ve ever gone grocery shopping without a list and on an empty stomach, you might have felt the gnawing desire to load up on everything around you. When you’ve thought out who you are shopping for and have a rough idea of what you will buy them, the process will be smoother and your holiday savings potentially a lot higher.
4. Do your homework and start early
The holidays probably aren’t on your radar in the middle of summer, or even two days after they’re finished. But, depending on what gifts you’re hoping to buy and what holiday expenses are in store for your budget, they should be. Start to research and make holiday purchases in September or October. Come up with a budget for what you want to spend and give yourself ample time to pay for it so it’s not all shock.
5. Give something homemade and from the heart
Showing up to a holiday party with a terrific, but costly, bottle of wine might seem like the perfect hostess gift. But, giving something homemade can still show your gratitude and enable you to save money during the holidays. Cookies, cakes and other baked goods can be a fantastic option. If you’re a crafty person and all about DIY, putting in a little elbow grease to make jewelry, pottery or festive ornaments is also a good bet and can contribute to your holiday savings.
If you require some assistance to manage your finances this festive season contact us on info@thumaminadebt.co.za.
