Six tips to avoid spending it all over December holidays

The difficult economic situation has resulted in huge rises in living expenses this year. What can you do to ensure that you stick to your spending plan in December?

Most people frequently go overboard during the holiday season without having a good plan in place.

Avoid being caught in the over-indebted trap during the holidays since it will likely have negative effects in January.

Here are tips to avoid overspending this holiday season:

Make a spending plan

Keep track of your finances so that you are aware of the exact amount you have available for spending.

Control expectations and regard your budget realistically

Once you’ve created your budget plan, be sure to share with your family how you allocated funds for holiday expenses and gifts. This will assist both of you in avoiding disappointment.

Start early

Prices will soar once the schools are out for the year, so there is still time to buy gifts or make travel arrangements. Keep in mind that after the holiday season, there are always clearance deals. So, if you must purchase something, seek out a discount first.

Spend in cash

Be cautious when carrying cash but try making one purchase or paying for some entertainment with actual banknotes to see if it affects how much you feel you “need” to spend.

Watch out for ‘holiday discounts’

Is that deal really a deal, and if so, do you actually need it? Retailers rely on the Christmas atmosphere and the occasional emotional pull to increase purchases at a time when you’re unwinding and having fun with your family.

Use your year-end bonus wisely

Use a portion of your bonus to pay off small debts to enhance your cash flow rather than blowing it all over the holidays. Keep a portion of it aside to get you through the difficult month of ‘Janu-Worry’.

Source: Tips to spend less during the festive season (2018) Iemas Rebrand. (Accessed: November 28, 2022).