Christmas is here, and we’re all overwhelmed, trying to stretch that little bit of money through the month while dreading the prospect of ‘Jan-worry’—the fear of starving in January. These challenges, combined with the subsequent responsibilities that follow December and January—school fees, rent, and a good start on your New Year’s resolutions—can leave you feeling stressed. If this sounds familiar, you’re probably asking yourself, ‘How do I make it through this season without draining my bank account?’ This question can only be answered by taking a closer look at the things you’re planning to splurge on or are already spending money on.
Last-Minute Shopping
Last-minute shopping might feel like the easiest choice when you’re swamped with work before the Christmas holiday or taking your time to plan. However, procrastination comes at a cost. Not only do you miss out on Christmas sales and deals, but you also set yourself up for overpriced items due to limited options. Every extra penny spent on an item, when added up, can significantly impact the budget, uhm wallet.
Holiday Travel
Unless planned—both financially and in terms of scheduling—traveling in the last days before Christmas can cost you over 15%, and in some cases up to 40%, more than the usual budget, depending on the mode of transportation. Traveling earlier can help you save an extra for other plans, as even your hosts will likely expect more from you, their guest! This issue affects not only those using public transport, as price hikes are often driven by increased fuel costs during this period. Most essentials are in high demand during the festive season. The earlier, the better.
Christmas Generosity
God loves a cheerful giver, as it’s good to give, though sometimes—for a show or whatever reason—the desire to give can get out of hand. You may feel compelled to buy gifts for more people than you originally intended or spend a fortune on pricier presents than you planned. In all this, do what you can, and remember—this is not the last Christmas. The same principle applies when you are trying to lavish yourself.
Impulse Purchases
Here’s where most people get caught: the flashy holiday sales, discounts displayed on neon lights, ‘buy two, get one free,’ and Christmas-adorned items everywhere often lead to impulse purchases you never intended to make. Being specific about your purchases and planning ahead—like creating a list on your phone—can help you avoid this trap. Additionally, shopping with kids in malls and stores often results in buying things you hadn’t planned on.
Christmas Food
Invite as many family members and friends as you can, because you always have plenty of food—and even drinks—for some, stocked up at home. This can only be achieved with proper planning, not last-minute purchases. In fact, it’s also a good time to stock up for January, if you haven’t already. Otherwise, you’re bound to incur significant extra expenses that will impact your overall spending.
In summary, the reasons you’ve been SPENDING so much every festive season boil down to last-minute purchases and travels, forgetting to keep the spirit of giving in check, irresistible buys, and an unorganized lifestyle. We hope this helps you get everything in order so you can enjoy the holidays with your wallet and your loved ones still intact. Remember, in this post-COVID economy, you can’t have your cake and eat it at the same time… as former New Vision CEO, Robert Kabushenga once shared. Merry Christmas, thanks for reading, and if it doesn’t hurt, share. Much love!
