It’s called the silly season for a reason – we tend to spend money more recklessly during the festive season than we do throughout the year. Many of us do so responsibly as we rely on end-of-year bonuses to help see us through all of the festivities. Whether you have the extra coins coming in or not, there are ways to make your money stretch at the end of the year.
Here are some easy-to-implement budget tips to help you enjoy the festive season more responsibly:
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Set a budget
Before you even enter the festive season, plan ahead and set a budget. Make sure you increase your entertainment budget (realistically!) for this time of year, as many people are off from work, the kids are home from school, and family holidays such as Christmas and New Year’s are inevitable.
2. Create sentimental DIY gifts
Instead of buying gifts, creating your own gifts could be more meaningful, as they are more personal and can be more sentimental to the gift receiver. Creating DIY gifts can also be more earth-friendly if you use recyclable materials or upcycle items you no longer use.
Pro-tip: If you want to take it a step further, you can also regift old gifts you might never have used or wanted. Just make sure you regift to someone with no link to the person who originally gifted you.
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3. Secret Santa
Gift exchanges such as Secret Santa help you to minimize your budget for gift-giving. It is the perfect option for offices so that you can extend the holiday courtesies to your colleagues, without having to spend on every single one. It is perfect for big groups or extended families, as you will only need to spend money on one person within a particular group.
4. Take advantage of sales
Sales like Black Friday and Takealot’s Blue Dot Sale take place around this time of the year to help our money stretch for the holiday spirit. Stores give us discounts so that we can buy more – so take advantage of sales.
Pro-tip: If you’re shopping online, put items in your cart so that you will get notified when there is a price drop on those items.
5. Plan low-cost gatherings
Instead of buying expensive gifts, shift your focus to the memories made during this time. Plan low-cost events such as movie nights and watch parties where your biggest expense will be snacks and drinks. For more substantial meals, organise potlucks where everyone brings a dish to be shared or a bring-and-braai so that all the expenses are shared among everyone in attendance.
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