Adopt a Saving Tradition during the Festive Season

By Vera Shawiza / Published November 28, 2016 | 9:33 am



Financial Success

The festive season is here. This is a time when the whole family get time to spend time together after a whole year of being apart. This is that time for giving and sharing, an occasion when a lot of celebrations are taking place. With this being the end of the year, we can’t ignore the fact that a new year also awaits around the corner.

After the festive season is over, that it the time when one is faced with the reality of things. That is when things for many become less cheerful, with bills and expenses that weren’t adequately planned and saved for now here. Overspending during the festive season and not putting away money for obligations such as school fees, or fixing the car may now give you a bad start to your personal new financial year.

Here are some tips that might be helpful in during this festive season:

Planning & Budgeting

Take time and have a discussion with the people you’ll be spending time with during the festive season. Talk about expectations but also be realistic when planning your time together. Discuss and agree on each person’s monetary contribution towards the special day or holiday. A well calculated budget can see you getting more out of this upcoming festive season. Planning is essential when it comes to budgeting.

Remember to be realistic and honest when it comes to setting up your budget for the festive season. If you usually give gifts to family and friends, set a price limit for every gift and be sure to stick to it. Indulging in food over the festive season can also break your budget in a single bite. Even though the festive season is all about spending time with family and friends, it doesn’t mean that we have to overindulge. Remember that January is still on its way and there will be bills awaiting you to settle them. Do not forget to budget for contingencies since the festive season has occurrences that you cannot foresee.

Holiday

If you are thinking about going away for a well-deserved break this year, be sure to draw up a proper budget for your holiday. Your holiday should be included in your annual budget. If you’re looking to travel locally this festive season, remember that peak season rates will apply to all coastal areas and some centrally located areas. It will be advisable to pick on holiday destinations that are affordable and at your reach.

Get Creative

Having a hands-on approach with your gifts, decorations and wrapping paper can see you enjoy better savings this festive season. Get your creative juices flowing and make your own holiday decorations and wrapping paper this year. Giving a handmade gift wrapped in handmade wrapping paper is possibly the ultimate gift. Handmade gifts are special and will also be appreciated a lot more because.

Don’t buy into the hype

Resisting the urge to buy into the hype during the festive season can be extremely hard, but also financially rewarding.  Some items literally go on sale one day after the festive season ends. Remember that this time is not about how many gifts you give or about the price tag attached to each gift. Spending time with your loved ones can be the greatest gift. Be sure to make and spend time with the special people in your life.

Work with the Correct Figures

Ensure that you are working with the correct figures because errors turn out to be very expensive especially when you have under-budgeted. After you have prepared your budget and are confident it will work, decide how much money you will reasonably put aside daily or weekly. Indeed, saving a few hundred per day can accumulate to a tidy sum in months.

Know that saving money comes with some sacrifice and discipline. You may be required to make some adjustments on your family’s budget or lifestyle so that you can save enough money to meet your holiday budget. Experts advise that as you save, open a bank account specifically for your holiday budget. This will help you keep the money away and you will not be tempted to spend it

Related: Here’s Why You Should Consider Investing in Mandera County

 




About Vera Shawiza

Vera Shawiza is Soko Directory’s in-house journalist. Her zealous nature ensures that sufficient and relevant content is generated for the Soko Directory website and sourcing information from clients is easy as smooth sailing.Vera can be reached at: (020) 528 0222 or Email: info@sokodirectory.com

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