Remember to spend wisely this holiday season

There is no doubt that consumers spend a lot more during the festive season than they would normally do during the year.

Whether it be on gifts, food, entertainment, travel, events, and spoiling loved ones. It’s easy to get caught up in the holiday spirit and blow an unnecessary amount of money. Here’s how to avoid that trap and keep your finances in check this holiday.

Plan and save for the festive season ahead of time

You’ll see how much money you have left for holiday spending. Remember that over the festive season, everything from essential food items to holiday accommodation is more expensive. So don’t underestimate a holiday budget. Once you’ve set a budget, base your plans on it. Then keep track of your spending.

Avoid using credit to get through the season

The biggest financial killer for many people during the holidays is the reliance on credit cards to get through the festive season, particularly when it comes to buying gifts. Consider doing a cash-only Christmas and avoid the temptation of shopping with credit. Leave your credit cards at home and only use the maximum amount of cash you are prepared to spend when you’re out shopping. Doing so will help to ensure that you don’t enter the new year with an even larger sum of accumulated debt. It is also important to be cautious of any festive deals that entice you to buy on credit as these can often end up costing you more in interest repayments later down the line.

Stick to the list

As the holiday sales start, you’re going to face temptation at every turn. Before you hit the stores, figure out what you need and write it down, and most importantly, stick to it. Avoid impulse buy-ing and frequenting the mall “just to see what they have”.Once you’ve ticked everything off your list and you’ve checked it twice, it’s time to stop shopping.

Do not replace presence with presents

By leaving your credit card at home, you’ll limit the temptation to spend more than you planned to. It can also be helpful to manage expectations by starting a tradition in your family or friend group of set-ting a maximum limit to spend on gifts. This can help make gift-giving affordable for every-one, and may even encourage you to be more considered and creative as you abide by the limits.

Eat at home

Although you do deserve a treat after a long year of hard work, getting into the habit of eating out often is a quick way to watch your money disappear. Even if you’re going out for fun holiday activities, try to start the day with a solid breakfast at home, and pack some snacks for your time out to avoid unnecessary costs.

Save money for January expenses

Many people get paid early in December, but don’t forget that you still have debit orders for December and January that you need to pay. So don’t wait until after your holiday is over to see if you’ll have enough for the New Year!