The Yuletide season is highly anticipated all over the world and there is one thing it comes with – Spending. A lot of money will change hands during the season and the surest way to make sure you are not financially wiped out by New Year is to set plan ahead, aka budget meticulously.
Ideally, you should have started budgeting for it but if you didn’t you can still form a plan. The few tips below should help.
Book all Tickets ahead of Time
If you know you will be travelling, the time to book your tickets is NOW. Do not make the mistake of looking up flights on the 20th when you are travelling on then 24th. Chances are they will be hard to find and when you do, they will be very expensive. You do not want to be the person at the airport flustered with your bags packed, waiting for a passenger to be a no show so you can take their place. Even if you are going by road, find out if you can book ahead and if that option is available, take it. Prices skyrocket at moment’s notice and there will not be much you can do about it. Are you driving to your home state as a family? You can go ahead and make provision for fuel and prepare for servicing of your car. In Nigeria, almost every year end comes with fuel scarcity and with that long unruly queues. Buy fuel in cans and store far away from inflammables ahead of time. This will ensure you do not only buy at a reasonable price but also you’ll have a stress-free ride.
Spilt up Costs
Are you going out with friends or even family? Spilt up the costs; Unless you can really afford it, it is not the season to keep covering costs for everyone. Planning activities ahead can also help with knowing how money will be spent as well.
Buy in Bulk
It’s time to buy in bulk if you don’t already do so. Will you be cooking a lot? Buy the imperishable food items you will need in bulk ahead of time. Will you have visitors? Stock up in bulk with drink and toiletries for those who will sleep over. Running out of anything in peak season is an inconvenience you want to avoid. Also bearing in mind, prices go up for almost everything!
Rearrange your spending
If you are used to eating out and snacking all day a lot, reduce the spending on this. This time of year tends to be very tight and if the goal is to avoid the ‘dryness’ that comes with January, you have to cut things out. Look closely at how you spend and decide what needs to be reduced or suspended for the time being.
Make a list
Make a list of people you want to give gifts to and stick to it. Do not divert funds and add extra people to the list on a whim. Remember also gifts don’t have to be overly expensive but thoughtful.
Look out for Clearance sales
Most business owners are looking to clear out their stock so as to make way for new things for the New Year or even raise money for their own Christmas spending. Look out for bargains like this and shop there. For food items, be sure to look carefully at the expiry dates before you purchase.
Set a spending limit
For the duration of the season, set a limit that you won’t go above. For gifts, set a limit. For money you will spend going out to various places, set a limit. For instance, you can decide to not spend more than N3000-5000 on a night out depending on your finances. Another person’s limit can be N20,000. This is best decided by you.
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Cash not Card
While the cashless policy is easy it also encourages spending. Where you can, use cash. It allows you have a visual track of how you are spending. If you don’t like going with cash, try keeping a little amount in a dedicated account and leaving the other cards at home. This will also curtail spending greatly. When all fails, remember YOU HAVE A LIMIT.
Stick to your budget no matter what. Try to stay within the confines you have set for yourself. The whole essence of the season is giving and spending time with loved ones and that can be done as inexpensively as possible. Try not to drain your finances during the season and enter January regretting those choices.
