With the rising costs of gifts, entertainment and holidays, the festive season goes hand in hand with both emotional and financial stress.
To help you out this festive season, here are some tips to reduce the strain on your wallet and help you manage your stress.
When it comes to budgeting in any season create a list of all purchases beforehand. It may seem tedious at first, but it helps stop the urge to go overboard with your Christmas shopping and keep to the budget set out in the beginning.
Look to create a spending cap, allocate specific amounts to specific items, cut back on the extras and luxuries and revisit your budget regularly to ensure you are spending within your means.
It is a good idea to include a gift list in your budget. Make a list of all the people you intend buying a gift for, along with the amount you to plan to spend. Stick to this list to avoid overspending.
With technology today, you can browse online stores and compare prices of the gifts on your list. Some of these online shops have some great savings on numerous deals. Shop with a keen eye to a bargain but be sure to watch out for hidden costs, especially with online deals such as delivery costs.
If online isn’t for you, try to go to one shopping centre to purchase all the items on your list in one go. You are more likely to spend when you are stressed, so limit trips to the shops where you may be tempted to buy unnecessary items that weren’t on your list to begin with.
To save even further, get in touch with your creative side and make a gift rather than purchasing one. The customised gift is not only the cheaper option, but also the most thoughtful which the receiver will appreciate.
One of the most valuable gifts that you can reward yourself with this festive season is to not focus on short term satisfaction, but to rather plan for the long term. Acknowledge your future financial needs and start investing towards these today.