Noel is around the corner. Yes, it is a few months away, but with the way time seems to be moving, it will be here before we know it. The festive season is often regarded as the silly season, and it is easy to understand why. Many families spend exorbitant amounts of money on gifts, parties, new clothing, new appliances and good times. This is quite often done without careful planning or a decent budget in sight. The repercussions of this reckless spending are apparent in the New Year where January feels like it will never end.
Make a plan
Most everyone feels obliged to let their hair loose in December over the Christmas holidays. Many people have their annual leave around this time and feel entitled to spending their year-end bonus as they wish. By making a plan with a sensible budget, there is no reason why one can’t enjoy the gaiety and fun that Christmas time brings.
Aspects to consider are:
- decide on your spending goals now – consider how much you spent on Christmas gifts and parties last year so you have an idea of how much you need to budget for.
- start a Christmas savings account – each time you have spare cash, put it away in your Christmas fund. If you have R20 left over from your weekly shopping, put it away. You’ll be amazed at how quickly the small deposits can add up.
- consider a DIY Christmas – instead of spending huge amounts on gifts for family members, consider making your own. Or, if you aren’t comfortable with creative projects, shop for bargains now. Decide on Christmas gift ideas now instead of leaving it until the year’s end when you are likely to be swayed by clever advertising to pay higher prices.
- Set a budget with family members. Decide on a price limit for gifts and remind the family that it is the gift of giving that is important and not the cost of the gift.
Save Now Enjoy Later
By following a few easy saving tips, you can save enough to enjoy the Christmas season – and without being out of pocket. Christmas is a time for family. By having a sensible plan and sticking to it, you can enjoy the togetherness of this special season.
Contact One Debt today if you would like to know more about why it is sensible to start saving for Christmas now.