5 Ways To Save Money This Festive Season
5 Ways To Save Money This Festive Season
Usually from the first of December till early next month people usually flock shops spending more money than they have for the rest of the year and you will find that people are buying things that they don’t even need.
The Christmas season is always great but spending too much that you do not have enough to sustain you in January is really sad. Below are some tips that can help you avoid being broke after the festive season;
1. Align Your Budget To Your Intentions
Your intention will determine how you spend your money – obviously when I was partying in London I was spending more money than when I was doing nothing but meditating for 12 hours a day.
So you want to make sure that your budget reflects your intention – if you plan to party, buy clothes and/or buy drinks there should be a line item and a set amount of money just for this in your budget.
2. Have A Fun Account
Set 10% of your income aside for fun every month; do this during the festive season as well.
Withdraw the money from your fun account and use cash to pay for everything.
When we use our cards to pay for purchases we can easily lose track of the amount of money we spend, especially when we’re out partying for a whole month straight.
3. Keep Saving
Just because it’s the festive season doesn’t mean you have to break good financial habits.
Growing up in South Africa I’ve seen how a lot of women would save diligently throughout the year and then take all that money and spend it in December.
I’m not saying starve and deprive yourself but I am saying the festive season isn’t an excuse to break the bank.
If you get a bonus or some other chunk of money, take half of that and invest it and then go about your business of spending.
Remember the aim is to invest and to have money work hard for you, so you can eventually stop working hard for money.
4. Stop Trying To Impress People
Something crazy happens in my mom’s village, in South Africa, every year – people come home in December with flashy cars but in March those cars get repossessed, because they can’t afford the monthly instalments on the cars.
What’s the deal with this and why does it happen every year?
Simple – there’s very real pressure to show our family and friends back home that we’ve succeeded or we’re doing something worthwhile with our lives. Unfortunately, most of us end up showing this success with material things and buying things we can’t afford with money we don’t have.
5. Know When to Stop
When your list is finished and you’ve checked it twice, it’s time to stop shopping. Know when you’re finished, and avoid stopping by the mall “just to see what they have” – this can lead to making poorly planned purchases and blowing your budget.
I typically get the itch to shop a few days before Christmas, so I specifically save shopping for stocking stuffers until the last minute. That way, I’m still operating within my budget and purchasing something I actually need while fulfilling the urge to be part of the holiday hustle and bustle. By planning purchases and stopping when you’re done, you can be spared that holiday hangover come January.
