You might want to reconsider your want to splurge and save instead.
It is November and the festive season is almost upon us and in just a few weeks, Christmas songs and decorations will be everywhere you go. With the fun and excitement in the air, we still need to be mindful of our cash. Many people get themselves further into debt during the holiday period and then take the entire year trying to catch up with their finances.
For the lucky few who do receive a bonus, many tend to spend all the money instead of putting some as savings.
We have a few tips to ensure that you spend your money wisely before the holidays, take a look.
1. Make A Budget
To be able to spend your money wisely as the festive season approaches, you need to make a budget, write down how much money you earn and outline how you will spend it. This makes sure that you get to plan ahead and get your priorities in check, therefore, you will not fall for impulse buying.
2. Essentials Should Always Come First
As you prepare to spend a huge chunk of your money on the once in a year festivities, remember bills, shopping, and school fees need to be paid monthly. So if you can, pay for your insurance, pay school fees and put money away to take care of other household essentials till January.
3. Take Advantage of Sales
Sales, sales, sales everywhere on various items, why not take advantage of them to buy the items you need at discounted prices in order to save money for a rainy day or for your Christmas budget? Have you been eyeing a particular laptop? Get yourself the laptop you prefer, and a lower price.
4. The Time is Now
The time to buy those Christmas outfits and book that hotel room is now! Why? Because things are about to get a more expensive real soon and rather than pay extra for something, you could get that outfit at the normal price today.
5. Spend Mindfully
Technology is great, from Mpesa to ATM cards that can be used almost everywhere but in this case, good old cash is key as it helps you keep track of your spending as we get into December. The more aware you are of your money, the more you are able to spend your money wisely and mindfully.
5. Do It Yourself
If you are thinking of Christmas decorations and presents, the way to go is doing do it yourself projects popularly known as DIYs, these days you can literally learn everything under the sun on YouTube very quickly, so take advantage of that and go ahead to make your Christmas present as early as now as opposed to buying. This will help you save your money and you also get to learn new skills.