It’s not easy to keep within your budget over the festive season – even without the gift-buying mania, there’s the desire to pop out for a meal, or just hanging around the mall with its temptations of special offers or a quick treat.

Use these simple tips to curb festive spending mania:

Plan your spending.

  1. List the people you need to buy gifts for and set an amount for each person. Whether you like to buy lots of small things or one big gift per person, you can still set a budget. Even better, make a list of the actual gifts you’d like to buy, for example: earrings for mom. If you have specific gifts and a budget in mind, you’re less likely to make spur of the moment purchases when you are out shopping
  2. Budget for events and outings. Take time out to plan your festive season. If you’re hosting a dinner party, make a detailed menu for the evening and stick to your budget plan. If you’re going to a dinner party, remember to budget for a host/hostess gift such as flowers.
  3. If you’re travelling, plan your trip well in terms of where you’ll stop for a break and what meals you’ll be making yourself or eating out. If you’re flying, remember to add airport taxes and incidental expenses to your list – even if you don’t have the exact amounts, at least be aware that there may be other costs to factor in.
  4. Put together an ad-hoc entertainment budget as well. How much are you likely to spend taking the kids to movies or out for a day. Just a little thought will go a long way to understanding how much money you’ll be parting with – movies don’t just mean movie tickets; there are snacks to be bought, as well as perhaps a quick meal before or afterwards.

Cash it in

  1. Using a credit or debit card makes it much easier to overspend, so it makes sense to draw the cash you’ll need for each shopping trip. Using cash only can be a lot of fun as well, because you can add up your purchases as you go and if you have managed to save a few Rands here and there, you could buy a little something extra with the ‘change’. It’s a great exercise for children as well, to help them realise the value of money as opposed to thinking that dad will just pull out his magic plastic.
  2. If you’re nervous about using cash, open an extra savings account and transfer your festive season budget there, using that card exclusively.

 

 

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