With the festive season upon us, there are many things that people look forward too. However, without a budget, it is easy to get lost in the spirit of giving.
Stretching your finances to cover your needs and wants boils down to planning. Here is a handy list of tips to help you navigate your way around the holiday season without putting a dent in your budget.
Make your expenses fit in your budget
Setting a budget before you hit the road is crucial. Not only will it let you create a realistic shopping list, but it can also help you cancel out the things that you do not need. It is also a savvy way to know where your money is going, instead of ending up scratching your head wondering where your money went. According to Wonga, South Africans are expected to spend almost R6,000 with the biggest expenses going towards food, drink, entertainment, and travelling costs. Using a budget is a great way to see what can be purchased in advance.
Shop around for discounts
A recent survey by Nielsen revealed that South African’s are becoming increasingly conscious when it comes to scouting for great deals. Many people are price conscious with 37% of South Africans actively looking for promotions. Shopping around is a convenient way to save a couple of Rands that can be used towards other expenses or save towards January’s budget. Try to avoid impulse purchases as this could easily add up and set up to be over budget.
Track your spending
Having a budget is one thing, sticking to it is another. Tracking your spending on a daily or weekly basis can make it easier for you to stick to your budget. It’s a useful way to know if you are still on track with your budget and what you can and cannot afford. A handy tip that can help you stick to your budget is also avoiding places that will tempt you to splurge.
Be creative when it comes to gifts
Spoiling your loved ones does not have to come with a hefty price tag. Remember to keep your budget in mind when shopping for gifts. Trying your hand at D.I.Y to come up with gorgeous gifts can also help you stick to your budget. Having an honest conversation with your loved ones is important when it comes to your financial situation to avoid having to splurge money that you do not have.