It’s that time again of the year where people get merry, travel, gather, party as families and friends celebrating Christmas and New Year. It is that time again many tend to overspend and get over excited often ending up in regrets and misery. This time around you ought to be diligent with your money and we are going to be discussing some tips and ways that can help you not overspend.
According to the National Retail Federation, Americans will spend between $942 and $960 billion during the holiday season, with sales expected to rise between 6% and 8% overall. Now this will be depending with your country, but the trend is almost similar with most people spending outrageously during holiday seasons and mostly that’s during Christmas holidays.
It’s Just A Phase
The Christmas and New Year Holiday is just a phase like an other, its just like any other days. Don’t get carried away by a passing phase, be calm, enjoy and remember it will soon pass and will be back to your normal routines. After the holidays bills will still need to be paid, school fees, rent, fuel, food and all will be demanding so its wise you won’t regret or be bitter with how you would have overspend.
This phase will too pass and there will be tomorrow, this is not to say do not enjoy but to enjoy with the future in mind. Don’t waste all your life, investments and money on something that will soon pass. After the holidays there is tomorrow, there is 2023 and it will be waiting for you.
Don’t Be A People’s Pleaser
It is often common among families and friends as they get merry to be succumbing to some hidden pressures and competition to please, take care or provide for the rest of others. This can be done in good faith but sometimes it’s due to show off or trying to be a jack that can take care of everyone’s bills.
Being a people’s pleaser often ends up in tears, disagreements with your spouse, partners, friends and family as it is usually coupled with feelings of betrayal, abandonement, loss and neglect. Most people have a tendency to fold back and relax and feast on your people’s pleasing activities and will rarely chip in to assist also.
Don’t be a people’s pleaser and stick to your capabilities and budget. It is not really bad taking care and doing nice things for your beloved ones but should not be excessive to your budget and plans.
Have A Budget
Smart people do budget and disciplined ones stick and follow through their budgets. With this holiday, most people tending to overspend or spend recklessly, it is important that you at least have a budget, it could be just for the holiday or already taking care of 2023.
A budget contributes to financial stability. A budget makes it easier to pay bills on time, build an emergency fund, and save for major purchases like a car or home by tracking expenses and sticking to a plan.
Quick questions or areas to look at might be how much are you setting aside for food, fuel, activities, travelling, gifts and if you going to be visiting you also need to properly budget and factor in all that like the groceries you are going to buy for those you are visiting or if it’s a family gathering how much you contributing to the gathering. It is important that you be rationale and not be stingy and too stringent with your budgets to the disadavantage of pleasurable holiday experience and moments.
Below is a sample Budget Planner that you can use:
Live Within Your Means
Whilst it is very common for most of us wanting to go an extra mile and try out new things and experiences, it is still imperative that you remain within your means. Some even end up getting into debts trying to live up a moment that will eventually pass.
Live and spend within your means and if you can’t afford it now don’t worry you can probably try again next year. Living within your means is peaceful and the only way to survive the holiday spending pressure. Find activities, food, fun and all that are within your budget and means and above all there are still other many ways of enjoying which do not necessarily take a toll on your finances.
With so many wants, urges and things thrown around, there is a definite increase in our expenses and costs. It can be transport, food, etc but all these can plummet but the good thing the costs can still be minimized. A good example will be travelling in groups thereby cutting down on fuel and other transport costs and you can still pool your resources together go on holiday, gather as a group and all.
The idea is to try to cut costs and still retain the same experience if not more. Do a small audit and see what you can cut off or remove some costs which are unnecessary. Also in trying to minimize costs be wary of retail tricks such as discounts and promotions which are neatly crafted to make you part with your money whilst sounding like they are cheap.
Limit Self Gifts
It is now more common for us to be spoiling ourselves with the nicest treats, gifts and all often as we do it for others but this can still be curtailed. Self gifting is not bad but it has to be within your means and budget.
Self-gifts are personal acquisitions distinguished from other purchases by a specific motivation and context – literally, gifts to oneself.
Track Your Spending
Last but not least it is imperative that you track your spending this holiday. I think you have heard some stories of people who end up selling stuffs to raise money to go back from holidays or end up borrowing bus fares back to their homes and you often wonder what happened to the money they had. Usually they slipped out on their spending and were caught off-guard, but if they had been tracking their spending they would have seen it when they were sliding to zero.
There are free applications like Mint and Goodbudget you can also use to track your spending daily that you can remain within your limits.