Here’s how you can better manage your money this holidays:
We’re heading for the festive season soon and many employers may have paid employees early for the holidays. After a year of increased living expenses, job losses and financial uncertainty due to the pandemic, it’s important to still make sure that you’re carefully managing your income and annual festive budget to last till your January paycheck.
2021 may have felt super long with everything going on around us, and festive is the perfect time to go wild, treating yourself and your loved ones as you celebrate, relax and unwind. I mean you’ve made it this far and you deserve it! Sounds fair, but do it without breaking the bank so you can kick start 2022 on an equally good note.
So, if you’re wondering how you can better celebrate without breaking the bank, here are some helpful tips:
- Budget and plan ahead: A lot of people get their bonuses just in time for the festive season, which is great because after a year of working hard you honestly deserve it. This can get a little tricky though as a little more money can mean a lot more expenses. A budget comes in handy to limit your expenditure and spend on necessities and a few treats. It also ensures that every cent is accounted for which will come in handy in the new year.
- Stretch the last salary as much as you can. We all get paid a bit early in December and can expect the next salary at the end of January. This means that those coins are going to stretch a little more than they usually do.
- Pay it forward: before overspending on festive essentials, cover all your bases paying or putting aside money for the January monthly expenses and plan for new ones such as school fees,stationary, new uniforms, monthly allowances, registration fees and groceries for the month.
- Take advantage of all the freebies: holiday activities are cheaper than during the year, theme parks have special rates, museums are free and Santa is always willing to take a picture with you. This keeps the kids entertained while saving you some money
- Cut the spending where you can: It’s always a nice treat to have enough gifts for everyone but have you thought about regifting the gifts that you’ve never made use of? You may have not appreciated it but someone else definitely will!
We have to admit that there’s a lot of preparation that goes into the festive season, which obviously means spending money to treat yourself and your loved ones before ringing in the new year. You can still have fun while keeping stock of what you have, avoiding overspending and keeping it simple.