Christmas is weeks away from us and are you ready?
The holiday spirit makes it easy to be caught up in the excitement, but waking up on the New Year to a
debt hangover that comes from overspending is no fun at all. For many people, the reason for
overspending during Christmas are; making impulsive purchases, spending extra money on unexpected
gifts, the will to attend every Christmas concert or event and mostly just not paying attention to the
money spent.
It’s the world most anticipated holiday season and I don’t believe in staying under budget but staying
within budget is a must, if you want to stay financially sober.
Do you have a Christmas budget? If yes, have you been able to stay within the budget?
Well don’t worry; here are 10 tips to help you from overspending on this year’s Christmas and the years
ahead.
- Decide On the Amount
Now, the way you become the hero of the holiday is by deciding on how much you are able and willing to spend. A good Christmas budget is one that you can afford and not regret in January. That’s right. - The Three-Way List
Grab a pen and a paper, start making a list of everyone you want to gift, gift ideas and the events or places you would like to go. Now you know why I call it a three-way list. Making this list helps you put things into perspective and saves you a lot of time when shopping. - Avoid Retail Marketing
The holiday season comes along with retailers putting out or giving deals you think is in your best interest but the real deal is to cash in on you. The magic here is don’t let yourself get wrapped up in all the sales and spending, stick to your budget and your three-way shopping list. - The Concept of Regifting
Regifting saves you a lot of time and money plus there’s nothing wrong with regifting. It is a great way to put to use duplicate items or things you have no use for. Remember who gave you what so you don’t end up re-gifting it to that same person. That would be embarrassing! - Group Gifting
Staying within a budget does not stop you from giving expensive gifts. The best way to cut down costs is by combining money as a group. They say sharing is caring, after all. And sharing the cost of one big present is a great way to give well while staying within your budget. - Choose Time over Gifts
One of the best things to do when you find yourself on a tight budget during the holiday season is to choose time over gifts. This simply means that you can save money by giving the best gift full of happiness, unforgettable moments of togetherness and a holiday full of wonderful memories. Prepare a home-cooked male and invite your friends or family over and have the best holiday ever. - Christmas Card Idea
Giving Christmas cards as gifts helps cut down costs especially if you are struggling with money plus sending a friend or relative a thoughtful card reflecting on what you appreciate about them can be more heartwarming than any material thing. - Learn to say No
This season comes along with exciting events, from musical concerts to house parties and a lot of fun-filled activities that seek to drain your bank account and energy. Have fun but learn to say no to events that exceed your budget. - Budget for Impulse Purchases
Let’s be real here, impulse buying will occur, so why not plan for it and save you the stress. Set aside a small amount of money of ¢50gh – ¢400gh as an emergency budget for impulse buying. This way you have money for unexpected situations and still enjoy the holiday by staying within your budget. - Track Your Spending
One of the most important things to consider if you want to stay within your budget is to track your expenses. Keep up with all that spending as you go, luckily there are mobile phones Apps to make this easy.
Let me give you one good reason to stick to your Christmas budget this year, January is a never-ending
month. Enjoy the holiday season but don’t forget to stay financially sober.
Enjoy the holiday!
Submitted by: Miss Anowaa