The festive season is here, individuals and families are preparing how they will celebrate Christmas and the New Year.
These celebrations often come with added financial pressure, and it can be easy to overspend.
This is why it is important to plan and develop strategies to enjoy the season without breaking the bank.
Here are some simple ways to save money while still marking this special time of year.
Budget Food, Loans & Food
1.Set a Holiday Budget- Setting and sticking to a budget is the first step to managing the amounts you spend during the festive season.
Determine how much you can spend based on your income.
Afterwards, allocate the amount you will spend on each activity and ensure that you follow this plan.
2.Plan for January- Some people get paid the December salary early in the month.
This makes it easy for one to overspend during the festive and forget about the expenses of the next month.
List all the expenses you will have in January and allocate enough money for all of them.
Don’t wait until the holiday is over to see what is remaining and start struggling with bills.
3.Cook at Home– Food is an important part of the festive celebrations.
However, eating out can easily add up to your budget, therefore, plan and prepare festive meals at home to save.
4.Avoid Taking Loans– People might be tempted to borrow money to meet the bills of the festive season.
This might not impact you immediately, but it will be a big burden in January or February.
Budget with what you have and avoid loans at all costs.
Also Read: Gift Ideas for Your Loved Ones This Festive Season
Festive Gifts & Promos
5.Gifts
Financial Literacy experts also encourage individuals to choose the festive gifts wisely to cut costs and save.
According to Founder and CEO of Vasili Africa, Rose Ellah Ngari, people should give personalized gifts and stop focusing only on purchased ones.
“”You may emphasize shared experiences over material gifts, encouraging practical or homemade presents, and considering alternatives to traditional gift-giving can all contribute to a more budget-friendly and meaningful holiday season,” she told The Standard in a past interview.
Also Read: Important Hotline Numbers You Should Have During Festive Season
6.Go for Promotions
Always keep an eye on promotions and festive season sales such as Black Friday in November, when most offline and online shops offer great deals.
These discounted goods can be bought in advance for the festive season.
However, you should need a budget here and ensure that you follow it.
7.Make a List– There are always a lot of things happening during the festive season.
You should make a list to help you stay organized and check what you spend on to ensure you track your money.
Shopping, Travelling & Expectations
8.Manage the Expectations of Your Dependents
Parents and guardians are the most hit during the festive season.
It is important to manage the expectations of those who are dependent on you financially during this period.
Communicate your budget to them so that they control theirs when they are planning the things they expect you to do for them.
This will save disappointment on both sides.
9.Cut Travelling Cost- Most families in towns and cities often travel back to villages to celebrate Christmas and New Year.
This fare might be expensive, and you should find ways of reducing it.
For instance, you can consider public transport to avoid spending a lot of money on fuel.
Besides, you can book your two-way travel tickets in advance when the fare is still low.
It is advisable before or after the festive season.
10.Carry Cash When Shopping- Having cash allows you to track what you are spending as opposed to mobile money.
Additionally, having cash avoids the risk of spending beyond your budget.
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