To have a memorable holiday season, shouldn’t mean you need to go into debt, and by keeping your finances under control you can keep the other challenging aspects of the holiday in check as well.
What’s been called a holiday spending hangover, can be avoided by using a little restraint right now and many Namibians are looking at smart ways to be money-wise this December. The best way to take control of festival spending and saving is to decide on a budget. Budgeting is listed as the number one tip to get through the festive season with minimal stress.
The first step in becoming financially responsible is to begin with a personal financial budget. Without a personal financial budget, there is no way one can possibly track her/his income. This also leads to spending properly. A budget helps you determine whether you should grab that bite to eat or you should head home for a bowl of soup. It helps you identify wasteful expenditures, adapt quickly when your financial situation changes, and achieve your financial goals. Budgeting decreases your stress level because with a budget there are no surprises.
If you haven’t done the planning in advance for the holidays, and all their related costs, don’t borrow money unnecessarily. You don’t need to spend money on gifts to make Christmas special. Christmas is after all, a time to spend with the family, it’s not for spending more money than you have, and going into debt that you pay for all through the coming year.
Shops do not only have discount specials during the festive season. I am not spending much money, I have already bought my gifts during the course of the year. All I need to do is buy wrapping paper. Don’t buy expensive gifts and don’t buy too many gifts.
Remember November’s salary is for December and December’s salary is for January and try to avoid the Janu-Worry syndrome because the mistakes you make in November and December are the prices you pay in February. Resist the temptation and stick to your budget, keeping in mind what expenses you will have in January. To get to January without the expected money stress is possible, it just requires a small payment of our attention to our budget.
Start a Christmas savings plan from January each year in high interest savings accounts and you will be amazed at how much you can earn in 12 months.
Festus ‘Prince’ Hangula
New Era Reporter
2018-11-02 10:19:11 6 months ago