The festive season and the holidays can be a wonderful time of the year to enjoy with family and friends, but don’t let a lack of financial control ruin your holiday.
There are many people who look at the festive season and say “ Well I’m always broke by the time Christmas is over”, and if those could have been your words, then you are not alone.
The Festive Season is not a time to stick your head in the sand and spend like January will never come. School fees and school clothes are a January reality. Planning for children’s education is a necessity and scratching your head while you try to reconcile your finances in January only creates anxiety and stress and is no fun.
Perhaps it’s time to take control this festive season and make sure that you are financially fit when “Auld Lang Syne” is behind you and 2019 lies ahead.
But what can we do differently this Christmas, and how do we make it happen?
The most important component of a good festive season is a budget.
Don’t go into the festive season without a budget.
Before buying any presents, pay all your monthly commitments. Pay your monthly debt, insurance, Security company (very NB this time of year) and all the other bits, and then work out your Christmas spending.
When you are planning your gift list, use your reward programs to save money.
If you get paid early in December remember that the money needs to last until the end of January.
Self-Control – Even if you do a perfect budget, the hardest part is sticking to your budget. Make sure your budget isn't just used to measure how much you overspent.
Don’t bash your plastic!!!
Lock your credit card in the safe or cupboard, so that you are very aware when you take it out, and resist the urge to use it. It will help you maintain your budget. There’s no point in going into 2019 with more debt than you had in 2018.
The present economy is not forgiving on people with lots of debt.
READ MORE: Lay-bye instead of using your credit card
This is not the time to use store credit to buy presents and food and decorations. Why start 2019 paying back Christmas 2018.
READ MORE: What is responsible credit?
If you’re lucky enough to be receiving a bonus or 13th cheque this year, be smart with it by using the majority to pay off debt, school fees or back-to-school expenses. Pay an extra installment on your home loan or save part of it for any unexpected expenses in 2019
2018 has at the very least been a challenging year financially, and although there are some brighter signs on the horizon, I don’t think 2019 will be much different. So spoil yourself responsibly. Work a bit of affordable fun and spoiling into your budget, you got to the end of 2018 intact, you deserve it.
Merry Christmas, Happy New Year and have a wonderful festive season.
Thank you to all who are working over Christmas and New Year, without all of you in the essential services, the rest couldn’t have a holiday.
If you are still struggling with your finances, and you can’t keep your head above water, contact RD Debt Counselling for a FREE debt review.
Russell Dickerson from RD Debt Counselling chats about RD Debt Counselling and how they can help you become debt free in the shortest possible time. Catch Russell on East Rand Stereo, every Saturday morning at 8:15.
