Blowing your budget during the Festive Season, and paying it all back next year, is tempting when we’re trying to make it the best Christmas ever. The Festive Season has become so expensive that families are now taking months to get over their Christmas debt hangover. On average a family will take 3-6 months to recover from Christmas spending.
Keep your finances in the best of shape as you get ready for Christmas. That way you can enjoy a debt and stress-free 2022. Here are some ideas that might help you:
1. What does Christmas mean to you?
Is it about finding the perfect presents? Do you want to impress? Is it just about feeling obligated to buy a gift for someone? Think about why you’re buying presents before you think about how you’re going to pay for them all.
2. Make a List and stick to it.
Work out how much you can afford to spend this year and then break this down into categories and then items. Assign an amount to each category and stick to it. Don’t go over budget. Shop around for better prices and maybe, in the process, you’ll find a better less expensive gift too.
3. Buy strategically.
Many stores run pre-Christmas specials to tempt us to spend even more in the run-up to Christmas. They will slash prices and offer all kinds of incentives to get us to buy gifts. Use this opportunity to buy strategically and you may also end paying less than what you budgeted for.
4. Track your spending.
Families usually spend like crazy throughout December and never check in on their budget. Track your expenses as you go, so you don’t end up overspending and ruining 2022 before you even get there.
5. Stock-up in advance
Another tactic is to stock up on non-perishable items before Christmas day. Consider adding one or two items to your weekly shop in the weeks leading up to Christmas, rather than being faced with the bill for a bumper shop closer to the time. Snap up items that are on special offer.
6. Don’t spend so much
If you’ve been shopping all year or stashing cash into your Christmas savings fund, you might be ok. If you haven’t made provision for Christmas during the year think about moving money around in your budget. Spend less in other areas to make up for the extra Christmas celebrations.
7. Choose time over money.
For some people, the thought of spending time together really is better than the joy of a physical gift. This year value your experiences over accessories and conversations over excess.
8. Give fewer gifts.
We know that you might feel obligated to spend over Christmas especially if your family is visiting you. If you want to save on spending this year consider having a chat with your family members. Maybe adults should take a back seat this year and only spend on the kids. That, however, does not give you permission to spend more on your children. Be disciplined in your spending.
9. Resist retail marketing.
Are you one of the many people who brushed up on their baking or creative skills during lockdown? If so, whip up some homemade treats for friends and family this Christmas, rather than buying a present.
10. Order online early.
Ordering online means shopping from the convenience of your home. Cross-check prices across stores and make sure you do this early enough to get the cheapest online shipping options.
11. Make use of Free Shipping.
Make a list of all of your gifts and see if you can combine them to take advantage of the free shipping threshold. Saving R50-R100 here and there can really make a difference to your Christmas spending.
12. Go in on a group gift.
Get all your siblings in on buying one big gift for your family members. Sharing the cost of one big present is a great way to care for your budget.
13. Don’t pay interest on borrowing
If you have no option other than to pay for some of Christmas on a credit card, make sure you are charging on the credit card with the lowest interest rate.
14. Loyalty can pay
Think about saving your loyalty points from your favourite stores for Christmas presents. It’s a great way to save on spending.
15. Regift.
Regifting shouldn’t have a bad reputation. If you are not going to make use of a present someone gave you, then pass it on to someone who will.
16. Make presents.
Pinterest and You Tube tutorial videos have a ton of ideas and instructions for great present ideas. Nothing says Happy Christmas like something homemade. Nothing makes someone laugh more than a well-intentioned gift gone wrong. Either way you will make someone’s day.
17. Sell your stuff.
Wondering how you are going to pay for Christmas this year. The answer is right in your back yard. Go through items that you no longer need and sell them online. This is a great way to build up your Christmas piggy bank.
18. Make Free personalized Christmas gift vouchers
Make vouchers for things like breakfast in bed, cleaning someone's car or washing pets. Print out free festive Christmas gift vouchers and give them to friends and family to use whenever they choose.
19. Have a Christmas spending cut-off point
The final days before Christmas can be the time when your budget flies out the window. To save you from making expensive or unnecessary panic purchases, stick to a deadline of 20 December to have your shopping all done and dusted.
20. Share the catering load
If you are getting the whole family together for Christmas consider delegating some of the catering. No one will hold it against you. We have all been through tough time this year and so everyone should understand the need to share to cost of the food and treats on Christmas day.
21. Wrap gifts creatively.
Don’t spend loads of money on colorful wrapping paper and ribbons. Afterall it’s just going to end up in a pile on the floor. Pick up some cheap bags from the Crazy store or decorate brown bags with magazine cutouts of Father Christmas, rain deer, stars and snowmen.
22. Be a thoughtful spender.
Don’t grab random gifts that you know someone will probably hate or not use at all. Think about the other person’s interests and buy them something thoughtful and sincere.
23. Donate to charity.
Encourage friends and family to give money to charity instead of buying gifts. There are many less fortunate people in the world that would give anything to have a wonderful Christmas day. Sacrifice a little of yours to make someone less fortunate smile.
24. Stick to cash only today
Only spend cash today and if you don’t have it you can’t spend it. That way you will think twice about unnecessary spending the day before Christmas.
25. MERRY CHRISTMAS EVERYBODY
Just relax and enjoy today. Live in the moment and be grateful for the year that has passed. Show your love and friendship and don’t let small things get you down. Have a wonderful day!
DIY Christmas Gift Wrapping Paper:
There is no quick fix to getting out of debt. Make sure that you partner with a Debt Counsellor that is going to assist you to get out of Debt.
If you would like us to conduct a free financial assessment for you here are contact options:
If you would like us to conduct a free financial assessment for you here are contact options:
1.Complete our online assessment form at http://bit.ly/39miXXx
2. Send us an email to contactme@negociate.co.za
3. Submit your query via our FaceBook Messenger app https://bit.ly/3i3PIwl
4. Complete a call back request on our website at http://bit.ly/38Aoyuc
A consultant will contact you to discuss the way forward. Please note that you are not obligated to proceed if you feel that the solution we offer you will not assist you enough financially.
If you find this article helpful, “Like” our FaceBook page and join our FaceBook Community. Send us a question in messenger and get some free advice on how to resolve any financial issues .
About our Author
Lauren is a registered member of the National Credit Regulator. Prior to that, she worked as a Financial and Technical consultant for McGregor-BFA (Now INET-BFA). McGregor-BFA provided Trading and Market related data as well as Investment management software to Asset Managers, University Business Schools and Investment entities. Thereafter experience was advanced to the Property Market working as a Project Manager for Propertyi. But it was her career at the IEB in Adult Education that inspired a passion of hers to educate consumers about responsible ways of managing their financial lives and the long term advantages of doing so. It is her belief that financial education should be taught from an early age. By doing so we can create a country that is economically stable, driven not only by work ethics, but by becoming Financially Independent too.
Comentários