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Wise Spending Over the Holiday
Holidays are here with us, a season where retailers place numerous ‘urgent’ sales promotions that consumers must take advantage of now rather than later. There is a hyped urge to being hospitable, generous to family and friends. Christmas, New Year and Easter holidays are the ultimate test to ultimate resolve.
Here are a few tips from your financial friend to guide you on how to plan smarter during holidays for a better future;
Budget first
Before you start figuring out how to spend money understand where your money is going. Make a budget and track both your income and your expenses. It is from this point that you can evaluate opportunities for wise spending.
Save early
Set apart your savings and investment money aside first before you start budgeting for the holiday. Save/Invest this money into an investment account not a current account. This makes it hard for you to withdraw the money unnecessarily.
Plan ahead
You have school going children and it is obvious they need school items come school re-opening; buy those items now at a lower price with less hustle. Set money aside for school fees and other mandatory bills in an account that you cannot easily access. This will reduce wastage over the holiday season and guide your spending.
Learn from past mistakes
Of course this is not your first holiday, when you take a look back into previous years, what habits drain your budget? Identify the habit (s) and purpose to change. This could be overindulging with friends, over promising etc
Weigh available options
You want to take your family on vacation, way the options available and how to still have fun at a minimal cost unless of course you can afford it. You can opt to travel by road instead of air, reside in a cottage instead of a hotel. What other activities can you have as a family at a subsidized cost? Which location suits my/our budget?
Stop impressing people
You want to maintain a certain image when you visit the village and end up hiring a car, wearing expensive clothes to show off. Is it worth it? “Keeping up with the Joneses” is an expensive and unnecessary pursuit.
Postpone purchase
While you pull that cart to the cashier ask yourself if you really need the items or you can have them later. Postponing an impulse purchase gives you time to evaluate whether the purchase is really necessary. Instead of buying your children so many expensive toys, clothes and food that they might not necessarily need, invest into their future through Investment.
Avoid unnecessary loans
It is easier to make a purchase today on credit rather than save in order to pay cash for it in the future. However, when you use credit, you add to the cost of the purchase because of the loan interest.
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