5 Ways To Manage Your Money This Festive Season

Are you wondering how to enjoy yourself as you celebrate this season and still have some reserve for the new year? These tips below will guide you.

Onyii Amarachi

Onyii Amarachi

It’s that season again, and I can hear the imaginary bells jingling in my ears. Whenever I walk down the street, I perceive the aroma of the expected merriment in the air, that, of course, will usher us into the lovely season of Christmas.

Of course, this season comes with a lot of events to attend, parties to turn up for, family gatherings to attend, hangouts with friends, and also lots of gifts to give out.

As you are turning up, hanging out, throwing parties, and giving out gifts this season? It is of the utmost importance that you remember you also have to prepare for the New Year. You need to be wise with your spendings, so you don’t end up broke and sad at the beginning of the year. That is not a good way to start the New Year.

The following tips will help you keep track of your spending this season and still ensure you have a great time without emptying your bank account.

1. Make a budget

Yes, budgeting is the first step to your financial freedom. It may look stiff and limiting, but it helps you stay disciplined and puts you in check when you are about to spend impulsively.

Draw up a budget plan for your expenses this Christmas season. It should include all the events you are going for, parties you are organizing or attending, hangouts you are sponsoring.

You should also make a shopping list, hair and beauty appointments, eat-outs, and a list of what you are giving out. Include everything in your budget, so you don’t end up wondering how your money suddenly got drained.

2. Take advantage of sales and discount offers

While shopping for items like clothes, shoes, gifts, etc., you can search for offers on sales or discounted items. This will help you save up half of what you would have spent if you bought those items at their original prices.

Of course, many business owners will be selling off goods and services at discounted prices this season, as it’s the norm. They do so to create space for new products in preparation for the New Year. This makes things easier for you.

3. Have open parties

When I say have open parties, this means that everyone coming has to bring at least one food item. That way, the pressure of over-cooking will be lifted off your shoulder, and you can even have a variety of foods for everyone to enjoy and have a great time.

You can also place orders for small chops or finger foods in a large quantity so you can get a discount while paying and have it delivered to your house.

Then bottles of wine that are not too expensive or home-made chapman can be served to your guests. The main thing is to have a good time.

4. Plan hangouts in groups

There is strength in numbers. Another way for you to keep track of your spending this season is to organize group hangouts.

This way, everyone gets to contribute something so no one will feel pressured to carry everyone along.

You can organize a group picnic in an outdoor fun environment, and each person can bring something while coming.

It will be more fun and exciting that way instead of just hanging out on your own or with just one or two friends.

5. Be discreet with the gifts

I know it can be tempting to want to give everyone on your contact list something this Christmas, but it will not be very wise of you.

That single act of generosity might ends up draining your bank account and leaving it in the red against the New Year.

Instead, make a list of immediate family members like your parents, siblings, best friend(s), and maybe your boss, pastor, and mentor, if any.

Try not to exceed a Christmas list of ten people in total except you are financially buoyant enough to afford to gift more people, then go right ahead.

Also, don’t splurge on the gifts. Nothing is too small. What matters most is the intent with which it is given. Low budget gifts like Christmas cards, airtime or data bundle, clothing, hair, make-up, hangouts, hampers will be just fine.

Most of all, don’t forget to have fun this Christmas season.

Happy Holidays!!!

Happenings Media