Be Money Savvy This Festive Season
It's the most joyous time of the year: the festive season. The air is filled with laughter; people are buzzing with holiday excitement, and of course, money is being spent left, right and centre. As families plan their holiday gatherings, couples and friends organise getaways or braai weekends, none of this happens without a budget. No matter how big or small, money puts the festive in ‘festive season’. The questions is, how are you spending yours?
Now, we don't want Janu-worry to swing around and find us unprepared for that long month without any funds left for our basics, let alone other necessities such as school fees, petrol and transport fare, so we've got a few ideas on how you can spend wisely in December and still thrive all the way into January.
Rule #1 : Draw up a budget
You're probably thinking, "A budget in December? Booo!" However, this is the best way to keep track of your spending habits by making sure that all your purchases are accounted for in your budget. It's also a good way to help you prioritise your financial needs and goals versus frivolous wants that were not part of the plan.
Rule #2: Put away a sum of money for January
The best way to give yourself a kickstart in the new year is to have a stash of money specially kept away for your essentials once all the good times have passed and it's back to school or work. This ensures that you will not be stranded as you wait for the end of the month to replenish your funds again. Whether it's a small portion of your salary or 50% of your bonus, whatever the amount, it will certainly go a long way. It's even better if you have ways of earning extra income during the festive to save towards your January stash.
Rule #3: Say no to spontaneous plans
No, we're not going to Durban on a whim, and neither are we just ‘going around the corner to check out the new spot’. While December is notorious for spontaneity, that very impulsive rush is the reason you end up spending thousands on food and drinks without the intention to, so you definitely have to plan out well in advance what you're planning to do this festive season and stick to that plan very strictly to avoid overspending.
Rule #4: Don't lend your money out
Every year we're here: lend a friend or relative some money which they'll return ‘month end’, but when the good times are rolling, they often forget. Apart from the hassle of constantly chasing them for repayment, this offsets your holistic budget as well, especially if you didn't set aside an amount that you're pre-empting for lending during the season. It may be a difficult thing to do, but you should certainly set a boundary where money lending is concerned and work towards a point where you're able to prioritise your financial needs over the next person.
Rule #5: Look for the best retail deals to save on purchases
One thing about the festive season? Deals on deals on deals! And that's what you should be capitalising on. Buying essential items such as dry and canned ingredients, as well as toiletries, in bulk during specials is a great way to plan ahead for a comfortable January.
What's more, you could also earn and redeem your UCount Rewards Points at selected retailers instead of using your money to buy things.
So, you see: there's much more you can do to ensure that your budget is airtight during the festive season. Planning ahead, limiting spontaneous expenses and sticking to your plans are a sure way to not only be money savvy but to give yourself some peace of mind at the start of the new year.