As the year comes to an end, so does the amount of spendings for the festivities increase as many would love to celebrate the end of the year in style to wind down activities. Family gatherings, office parties and friend’s get-together especially during festive periods, do not come cheap.
Planning for these functions ahead of time can make it easier on the purse. Aside this, planning ahead can help you avoid unnecessary spendings that could leave you ‘broke’ in January, when the euphoria of the festivities have waned off. The ability to live a draught free January actually starts with the way you plan your spending for the holidays.
Here are a few tips to avoid overspending this holiday period.
Decide on Your Spending Limit
Planning ahead on how much you want to spend for the holidays is key to ensuring that you don’t overspend. Determine how much you have available to cover holiday expenses this year, know what you want to spend on and budget how much you can afford to splurge on each item. If you are travelling, decide if you are going by road or flight. If by flight, early bookings saves you a whole lot and you should have booked your flights by now.
Have a Spend Limit for Everything
Holidays come with extra spendings on food, clothing, gifts and entertainment and the likes but is it important that you only use money that you have set aside or extra money that you can find in your budget. It is important to not plan on spending more than you have saved initially with a plan to pay it off later. Doing this requires that you budget particular amount to every of your spending. Have a limit to what you plan to spend on food, on entertainment, on travel, on leisure and the likes.
Be Wary of Mouthwatering Deals
Almost all your favorite brands are offering end of year sales and promos. Learn to be able to look away especially for those things that you do not need. While the deals may look really good, if you don’t actually need it, do not buy. And for the things you do need, grab them now at discount prices and save some money.
Learn to Say No
Whilst as a social and fun-loving people we love to show off, especially when we travel to our hometowns for the holidays, you may end up overspending, leaving you broke for the new year. Be modest and pull up enough strength to say no when people ask you for things you cannot afford.
