How to Handle The Financial Pressures of The Festive Season (AIRTEL 0420 5030 1157 7321)
The Christmas season is definitely the most festive of all, as it brings families and friends together for a fun time. There are colourful Christmas decorations, exciting events and of course, lots of gifts and food.
However, with the fun comes expenses. There’s often a lot of pressure to make huge purchases and spend a lot of cash on enjoyment. We’ve had a long and exhausting year which has stunted the finances of so many individuals and if you were affected, the pressure might hit you harder.
Here’s how to avoid giving in, so you don’t enter the New Year with damaged finances:
Create A Budget
The first thing to do is to make a dedicated budget where you allocate certain amounts of money to certain expenses such as feeding, parties, outfits, gifts and more, based on estimated costs. However, it’s not enough to simply create a budget, you have to stick to it, as well. By doing this, you can stay disciplined and avoid going beyond certain boundaries.
Know When To Politely Decline
It’s okay to decline offers to go out or party if you’re financially constrained or if you have other plans for your money. You don’t need to undermine your finances to impress or keep up with others.
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Avoid Window Shopping or Impulse Buying
First off, you should only go to the store or market when you actually need to buy something. Going window shopping might end up costing you some money you didn’t plan for. Also, when going shopping, make a list of all the things you actually need, so you don’t get carried away or go overboard.
Find Cheaper Ways to Have Fun
Having a good time doesn’t have to cost so much. Do you want to host a fun house party? You can make it a potluck where all guests are required to bring different delicacies which will then be shared amongst everyone. This helps to reduce the expenses that come with hosting a party because everyone gets to contribute.
Create Limits
If you’re worried that you might cave in and spend too much, you can create sturdy limits that help you exercise some restraint. One of such limits could be sending all the money in your Christmas budget to a designated account and putting your other debit cards away so that your expenses do not creep into your other savings. You’re also advised to use apps to track your spending so that you can stay disciplined.
If You’re Shopping Online, Combine Your Orders
Try to avoid buying things from an online store one at a time. Combine all your orders in the same cart to avoid multiple delivery fees. That’s a smart way to save money. Ch-ching.
Focus on Quality Time and Memories
At the end of the day, what matters the most during the festive season, are the memories you make with your loved ones. The best part is that creating these memories do not have to cost so much. You can watch movies together, play games and engage in fun activities that help you bond and cherish each other’s presence.
What are your other plans to handle financial pressure during the festive season? Share them with us in the comments section!
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