It’s easy to get caught up in the frenzy of holiday shopping, especially with clever, sparkly marketing encouraging us to spend more. How can we cut the spending, still have fun, but not be saddled with debt in the New Year?
- Track spending: Decide on your holiday budget bearing in mind your monthly obligations such as rent, medical aid, and January’s expenses (e.g. school books, uniforms). Add up your holiday purchases daily to make sure you remain on budget.
- Avoid credit: Consider cash-only festive shopping and don’t be tempted to take loans or buy gifts on credit, even if they are interest-free for the first month. These deals can cost you more in interest repayments later.
- Décor delights: Save money by recycling your festive decorations from last year, or have family fun making your own with some glue and glitter and natural greenery or rocks from the garden or forest. Recycle old cards or use cardboard to make new ones, handwriting personalised messages to each special person in your life.
- Creative gifting: Agree a gift limit with family/friends which encourages resourceful spending and careful choices. Consider homemade gifts with a personal touch such as baked biscuits, personalised scrapbooks/photo collages, a knitted scarf, or hand-crafted bracelets. Present the gifts beautifully (but inexpensively), using brown paper, ribbons, and stickers or foliage.
- Fun family festive traditions that don’t break the bank:
– Bake and decorate festive treats together.
– Host family dancing/singing competitions, or board games evenings.
– Split the cost of food at large gatherings by organising “bring and share” or “potluck” meals. The food doesn’t need to be expensive to be tasty, and gathering around the table to share a meal after a long, hard year is blessing enough.
– Share your gratitude for each person at the table and the unique qualities they bring to your life.
There are many ways to enjoy the festive season, even when wallets are thin. It’s about careful planning, deep and meaningful connections, and being sensible with the limited resources you have.
Reach out to NMG SmartAssist to speak to a financial coach to get support to live within your means, and create a positive relationship with money.