4 TIPS TO CURB YOUR HOLIDAY SPENDING

Tis the season for festivities and holiday cheer. ‘Tis also the season to splurge on lengthy shopping sprees to sprinkle said cheer. Avoid a financial holiday hangover with these helpful tips.

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1. BUILD (AND STICK TO) A BUDGET
Before the festive spirit makes you swipe your card for everything, set up a budget. Tally up your anticipated costs, like what you’ll spend on gifts, travelling expenses, accommodation, shopping and the cost of activities and excursions. Once these amounts are written down, you will have a better understanding of your spending and where you should tighten the purse strings. Remember to keep it as simple as possible. If your budget looks too daunting and restrictive, you are less likely to stick to it.

@nomazdiaries Start budgeting today #budgetbinder #budget #savemoney #Viral #cashenvelopesystem #budgetmom #budgeting #budgetwithme ♬ Back In Your Life (Instrumental) - Track and Field

Also read: 4 practical budget cuts to help you stretch your rands

2. MAKE A GIFT LIST (AND CHECK IT TWICE)
You may be feeling generous this season, but gifts are expenses that can quickly add up. There’s no reason to buy expensive gifts for all your work colleagues, the neighbours and your best friend’s favourite cousin. Go through your list and only include the essential people in your life to get presents for. Additionally, you can get crafty with your presents. Give your family some DIY gifts. Chances are they’ll (possibly) enjoy it more than the festive socks you would have gotten them anyway.

@thisartperson Festive gift for candy lovers 🍬 @candycrushsaga #AD #DIY #gift ♬ original sound - Yasmin

3. SHOP SALES WITH A PLAN
When you plan and make a list of your festive shopping needs for the end of the year, it’s easy to take advantage of all the sales and discounts throughout the year (looking at you, Black Friday and Cyber Monday). Remember, shopping a sale can be overwhelming, and you can quickly overspend. Identify your priorities and stick to your list (and budget) to keep your finances intact and avoid buyer's regret later on.


4. FIND A BUDGET BUDDY
Get a friend to keep you in check when that festive spending mood rears its head too often. “Your budget buddy can be anyone from a financial professional to a family member,” says certified financial planner Brian Walsh. “Having a budget buddy for shorter-term goals can also help build healthy financial habits that can lead you to tackle larger obstacles down the road,” he adds.

Also read: Plan a memorable vacation on a budget