managing your finances

Tips on Managing your Finances during Christmas

For many people Christmas is a reason to burst their budgets and they are not able to contain their spending and mis-managing your finances. Many people use their  different types of bank accounts on Christmas shopping or during other festivals to buy gifts for their families.

managing your finances

managing your finances

As soon as Christmas is over, the savers realise that they have spent more than they had anticipated. They have to save a bit more or reschedule the goals they had set to meet.

To manage unplanned spending during the Christmas season, follow the tips below and avoid regrets after the holidays

Dos to managing your finances

  1. Determine the amount of money that will be needed to purchase the gifts. When this amount has been decided, move on to the next step
  2. Determine the amount to be saved per month, to reach to the desired amount. Always give yourself enough time to achieve the desired amount.
  3. Have a list of all the people you want to give gifts to. These lists are very important as it determines the number of gifts that will be purchases.
  4. Start shopping for non perishable gifts early. Last minute shopping may mean that you spend more funds than budgeted.
  5. When possible, purchase gifts when they are on sale. This may reduce the amounts used and the savings can be used for emergencies during christmas

Don’ts of managing your finances

  1. Do not spend money you do not have
  2. Do not borrow money from your credit cards or bill payment.
  3. Do not buy unplanned items or items not on your shopping list
  4. Do not go shopping with friends who may influence you to spend more than planned
  5. Do not take a lot of time to shop when you know what you require. Go in and out of the shop without looking through he aisles
  6. Do not window shop while carrying extra money in your wallet or credit cards
  7. Do not purchase perishable presents before they are required because they will spoil. For example do not purchase fruits more than a week before they are required because they ripen and spoil before they are given as gifts

The above tips are a way to assist consumers during the Christmas  to help in managing your finances.

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