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Staying on Top of Your Holiday Spending
Staying on Top of Your Holiday Spending
08 Dec 2021

Enjoying the festive season without being left with holiday spending regrets come Januworry can be a tough act to keep up.

However, planning in advance and being creative in how you have fun can ease the financial responsibilities that come with visiting family or entertaining your children. Here is what you need to know.

 

Set your budget

Not having a plan is planning to fail. Make sure that you set your budget in advance to avoid overspending on things you have not budgeted for. Think of all the possible expenses that can pop up over the holidays such as; food, travel expenses, gifts, entertainment and an emergency buffer for those unexpected expenses that tend to show up. Set an amount that you are willing to spend and divide it into these categories. You may have to be strict when it comes to cutting back on some expenses, but always remember that you have a long month ahead after the festive season.

 

Convenience can be costly

Sure, a quick cheat meal and self-gifting won't hurt, right? While these may seem like insignificant purchases, over time they can add up quickly. Using convenience, when necessary, can be the best way to get around this festive. But always keep the cost in mind. Where it is possible, do it yourself or pool funds together as a family to have a good time. Planning in advance when it comes to eating out or activities will also help you keep track of your spending.

 

Gifts don’t always have to be bought

Thinking of things to gift loved ones can be another stressful part of the holiday season. But no matter how tempting it is, never make the mistake of regifting a gift as it can create awkward situations. If you are planning on buying your loved ones a gift, check out our gift ideas list for the whole family.  However, you can also offer the gift of spending time together, a good home-cooked meal or venturing out as a family to volunteer at a charity.

 

Track your spending 

The key is being frugal this festive season. Tracking your spending at the end of the day can give you a clear picture of how much you have spent and where you stand where your budget. If you notice that you are about to go over what you have budgeted for, scale back on your spending and look for alternative ways to save on spending.

 

Check the local events board

Whether you are planning on staying at home or travelling down to another part of the country, make sure to keep in touch with the events boards to see what will be happening in an area. This will make it easier to plan for activities. You could even strike a good balance between free activities and activities that need to be paid for.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06