The onset of the silly season doesn’t mean you have to take risks with your finances. Here are the five best tips for managing your money.
1. Decide on a budget for gifts
Your gift purchases will use the bulk of your festive season budget. Prioritise your spending by making a list of gift ideas for everyone you need to purchase gifts for, including the stocking stuffers. Decide on a maximum amount that you would be willing to spend to help you manage your budget.
2. Start your shopping early.
Don’t wait until you receive your thirteenth cheque to start shopping for Christmas gifts. Start purchasing gifts during the course of the year, or take advantage of late-November (Black Friday) sales. You may stumble across a perfect gift for a loved one several months before Christmas. Crossing a few gifts off your list earlier saves you from the mad holiday shopping rush and may even save you money. Just be sure to hide those gifts well!
3. Get the best deal
Make the money you do spend go further. Get savvy with your shopping. Don’t blindly pay for things – do your research first.
4. Shop online and remove the temptation to splurge
When you’re shopping in store during the the holiday season, you’re often tempted to waste money on impulse purchases that you don’t actually need. Shopping online removes a few of those temptations as you’ll be able to search only for the items you plan on purchasing. Several online stores such as Yuppiechef and Takealot also offer free delivery at this time of year, so you get to enjoy the convenience on online shopping, at no additional cost.
5. Don’t forget about your regular expenses
Credit providers do not take the holiday season off. Remember to budget for your regular payments and debit orders in order to keep your accounts in good standing. Manage your debt and prevent yourself from incurring any more over the festive season.
Do you have any tips for managing your finances during the silly season? Share them in the comments below.