We all love the holidays. It’s the best time of the year, where family and friends come together and celebrate life. But, all this fun, laughter, food and happiness comes at a cost and a lot of times we forget to plan ahead. We all dread the January financial slump after the December Holidays. But with a little planning and our 7 Savings tips for the holidays, you can be sure to have a good start to the New Year.
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1. Know what you have to work with.
The first step in planning for the holiday spending is knowing how much money you have coming in, when you are receiving it and what do you need to pay with that money. Some of us are lucky and receive bonuses or 13th checks at the end of the year.
The best is to have a full picture of how long you need to go before you receive another pay check. For most of us that would only be the end of January, which is a long way away.
2. Set up a Budget.
Setting up a budget gives you clarity on what bills need to be payed and how much you can spend.
I know it’s not always fun to do a budget, but doing the boring things helps you to make sure you can fully enjoy the fun things without stressing about whether you have enough money for it all.
Don’t forget to include the “New Year expenses”. Things like school fees, stationary or any expense that would not be part of your normal monthly expenses.
3. Plan your gifts.
We all love giving and receiving gifts in the December Holidays. A good tip is to plan to who you want to buy gifts along with how much you have to spend on each person’s gift.
Make a list of every gift you want to get before going shopping. That way you will not over spend on unnecessary gifts or on a particular person’s gift.
4. Shop around.
This tip goes a long with the number 3. Try and shop for special offers and discounts. A good tip would be to check out online stores. A lot of times online stores sell the same items at a lower price than retailers and many offer free shipping during the holiday season.
Keep an eye out for discounts and coupons, Every retailer is active this time of year with sales and value added benefits. They all want you to buy from them. Check your email, the places you actively shop at or receive newsletters from will definitely be emailing their specials to you and in some cases even offer you personal discounts.
5. Splitting the cost.
Let’s face it. We all love food during the holidays. Christmas day lunches with friends and family. A Good way of keeping the cost down on one particular person, is to have everybody contribute by bringing something to the Festivities.
The same goes for gifts. A good way is to have everyone buy one gift for one person. That way everybody gets a gift and everyone only bought one gift.
6. Get Creative.
Be creative with your spending habits during this time. Here are a few things you can do to help keep your spending to a limit.
- Eat a good breakfast before going shopping. This way you don’t get hungry while you are shopping and you then save money by not needing to buy food during the shopping run.
- Try to make gifts yourself. It has become a trend to use recycled items and giving home-made gifts. People appreciate the gifts more and you save money on not needing to buy expensive gifts. You also feel better about helping to save the environment (bonus).
- Gift card is also a way of giving a gift that actually doesn’t cost you all that much and to be honest if can be challenging sometimes to get the perfect gift. This way a person can use it for something helpful or on something they actually like.
7. Your time can also be a Gift
We all have something we are good at. Whether it’s cooking, fixing things or even your professional skills. Giving your skills as a gift will cost you nothing but your time. Bonus you get to spend time with someone you care about, It’s that the perfect win win situation. LOL
The holidays is a very fun time that we all enjoy. Enjoying it all shouldn’t come at the expense of your financial wellbeing. These 7 Savings tips for the holidays will help you manage your finances this holiday season, allowing you to also start the New Year stress free and happy.
If you need any assistance with setting up your budget for this holiday, give us a call and we will do a full assessment for you.
All you need to do is contact us for an obligation free assessment. We will then be able to help you make an informed decision that best suits your situation and needs. A Section 129 letter is not the final step for you! Why not make the right decision now and let us help you become debt free?
Speak to one of our professional financial advisers today for an obligation free assessment.