NEWCASTLE – Christmas cheer abounds as the festive season draws closer.
But the holiday season comes at a cost, especially when adding the additional expenses on you monthly budget.
Extra costs to pop up this month include purchasing gifts and catering for family gatherings, which are sure to leave your wallet in a less than jovial mood.
Read: Be considerate – and teach your children proper values
Director at Ecsponent Financial Services, Anton Hay, advised while it was best to plan ahead for the holidays, there were a few last minute budgeting tips that could ease the financial strain over December 2016 and January 2017.
Mr Hay has shared his top Do and Don’t budget tips for the silly season and the back-to-school rush which is just around the corner.
1. Don’t: reach for your credit card
“Tempting as it may be, borrowing money to pay for gifts and festive goodies comes with a hefty price tag of its own when considering the interest and fees applied,” Mr Hay said.
If you do not have enough money to buy a specific gift or treat, look for cheaper alternatives or try your hand at making treats like cakes and biscuits yourself.
2. Do: make plans that fit your budget
Instead of inviting all your friends and family around for a fully catered meal, make plans where the cost is spread more evenly like picnics or a “bring-and-braai”.
3. Don’t: go on a untracked, no-limits spending spree when the sales hit
“Many of us struggle when it comes to resisting a ‘good deal’. For this reason, I would definitely suggest staying away from shopping malls and online shopping websites when January sales go live. While you may save 50 per cent on a pair of shoes you don’t need, you’ll save 100% if you just walk away.
4. Do: focus on getting school fees paid
Out of all back-to-school expenses, Hay highlighted this was the one that needed the most planning and should be a priority long before new Christmas gifts are unwrapped.
5. Do: involve your children
“No matter how young your children are, back-to-school season presents a great opportunity to teach them about money,” Hay encouraged.
A fun way to get your children involved is by having a Google competition, where they have to find stationery at the best price or by getting creative to make old rulers and pencil-bags trendy again.
6. Don’t: forget to start your new year right
From packing lunches at home to having fun nights in, Hay noted little changes could go a long way in making provision for staying on budget and saving for well-deserved treats and special occasions.
Also read: Budget Busters – Six things to add to your monthly budget
