Saving tips: Budgeting for the festive season
JOBURG – Stretch your budget a few rands further this festive season.
Here’s the deal, the festive season is a financial trap.
With so many pressures to spend recklessly and live your best life, it may seem like a great idea to splurge on yourself and your loved ones as a well-deserved reward for the tumultuous year that 2019 was. However, splurging may leave you financially-crippled come January and we all know that January is kind of a long month and even longer when you’re broke.
In order to help you avert the consequences of festive splurging, we have compiled five easy-to-implement saving tips.
Check out our five saving tips for the festive season:
- Make a budget
This is really the first step when it comes to avoiding unnecessary splurging during the festive season as you get to see where all your money is going. Allocate your funds for serious stuff and spend the remainder, provided you still have some cash in your savings.
- Track your spending
Knowing where your money goes is a sure-fire way to making adjustments to your spending habits. It’s very important to keep track of your spending and sticking to the budget you set for the festive season.
- Opt for better ways of celebrating
During the festive season, everything and anytime can turn into a celebration. It is wise to set out on cheaper and better celebratory traditions, for instance, if you always go out of the country during the festive season, you can opt to visit local areas which offer way better deals and amazing experiences.
- Know when to stop spending
The festive season is pretty lengthy and our wallets can only keep up for so long. It is advisable to set a time period where you do all your necessary shopping and get the spending out of the way.
- Save as early as possible
Your budget will go a long way in guiding your spending and seeing where your money goes. See if there are any expenditures on which you can save money in the time leading up to the holidays. Pay off your debts and bills as early as possible and save a huge chunk of the remainder.
