The Holiday Season is fast approaching. For many of us, our generosity can result in a rude shock in January when our credit card statements arrive.
Here are my top tips to help save you money this Christmas season
1. Plan ahead
With the ever growing ease and popularity of online shopping it has never been easier to find the ideal present for a loved one. I tend to treat my online shopping no different than if I was actually going to a shopping centre.
I will book out a couple of hours and do it all in one go.
2. Identify your gift budget first THEN start shopping
It’s amazing how quickly the cost of presents adds up. I should know, I just finished my Christmas shopping for the year! Gifts are rarely included in one’s daily, weekly, and monthly budget. Be honest with yourself and set a practical, reasonable amount that you can spend on gift shopping.
3. Choose useful gifts that motivate and inspire
Examples of presents that go beyond expensive novelty are:
· Second-hand books that can give loved ones a break from gadgets or inspire personal development
· Pantry or kitchen staples that can encourage home cooking and healthy eating habits
· Practical exercise products like a jump rope, yoga mat, or resistance bands for fitness motivation
The more time you spend thinking of similar gifts like these, the less you fall into shopping traps and last-minute presents that might not be put to use at all!
4. Bring the right tools
Everyone likes to be generous at Christmas time (well a few grinches excluded). One of the best ways to help get the most bang for your buck is to bring the right tools along with you.
Coupons, loyalty programs, even the trusty frequent flyer system can help you stretch the budget a little further and allow you to get the maximum return from your spendings.
5. Keep Santa Small
Santa is a very busy man. Not only does he have to visit over 9 Billion people in one night but he also has to make over 1,000,000,000 presents each year.
While for most of us, Christmas is an amazing time of year but it is important to remember that unfortunately for others it can be a very tough season. If you have children I recommend using gifts from Santa for the small presents and let Mum/Dad take the credit for the Nintendo’s, bikes and other expensive purchases
No matter what you see on TV or social media, Christmas should not be used as an excuse to splurge or to forget important financial responsibilities. Keep this all in mind when moving into this festive season and you’ll be in a flourishing financial position rather than a floundering one.