02 Dec Tips to Spend Less During the Festive Season
Malls and grocery store aisles are adorned with Christmas decorations, and every trip to the shop has become a reminder of the Festive Season. Although most South Africans love this time of year and celebrate Christmas with their families and loved ones, the undeniable financial pressure associated with the holidays can be overwhelming for some consumers. Here are some tips to spend less during the festive season:
No Holiday for your Budget
You might be on a break and ready to enjoy more outings and Christmas shopping sprees, but remember that your budget should still guide your spending. The moment you hit pause on your budget is the moment you lose control of your spending. Plan your budget around what you can realistically afford to spend, with extra consideration for the gifts you’re planning to buy and the money you’ll need to have fun.
If you can’t afford something in cash, don’t buy it. The festive season is known as the “silly season” for good reason – people find themselves forking out the big bucks to buy gifts and lavish items that are way out of their affordability range, leaving them in more debt than they were prepared for. Keep your Christmas credit-free, even if that means reassessing your wishlist of gifts to buy and things to do. You will thank yourself for this in the New Year!
Who doesn’t love a thoughtful gift on Christmas Day? When you’re on a tight budget and have a big family, it can be almost impossible to give everyone a Christmas present. Oftentimes, big family Christmas celebrations cause individuals (who might already be struggling with money or debt) to buy gifts for each of their family members in the spirit of giving. One way around this is “Secret Santa” – everyone’s names go into a hat, and each person gets to draw a name. The name you draw is the person you’re buying a present for. This way, each person gets a gift and only has to buy one gift themselves! Remember to put a value to the gift, so that everyone knows to stick to the same spending limit.
The Gift of Time
A gesture of your time can go a long way, and offering your time is a thoughtful approach Christmas gifting. Not everyone is able to buy presents over Christmas, especially in light of recent price hikes and the scarily high cost of living. Some ideas for gifting your time can include washing someone’s car, walking a pet, babysitting or doing a chore. You can get very creative and even design vouchers that make these gifts more personal and special.
Take the stress out of Christmas this year and focus on what matters, with our tips to spend less this Christmas. You don’t need to get into debt or break the bank to enjoy the festive season. If you are struggling to manage your debts and need a hand, our Debtco Group team offer Debt Counselling services that can offer you instant relief. Contact us to find out how!