SPENDING 101 FOR THE HOLIDAYS

With the holiday season upon us, it is easy to say “screw it” and be caught spending way more than we planned to and well, I wouldn't really blame anyone who decides to do that after surviving a whole year but for those who still want to keep check of their finances during the holidays, it is important to be intentional about how we spend.

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After most holidays, I have realized that a lot of families go through financial stress mostly because of lack of planning, prioritizing, and organizing and this can be alleviated by simply putting certain steps in place.

I feel like the best time to budget our finances is during the holidays because while Christmas is a season of giving and spending, it is also an easy way people go into debt and this can be avoided by following some easy steps.

Some steps you can follow while being intentional about your finances this holiday are;

1. Have a holiday budget: even though having a budget does not mean you can’t exceed what is written in it, it is an easy way to keep yourself accountable for how much you plan on spending during the holiday season.

2. Separate the money you plan on spending from the rest of your finances: I believe that by simply separating the money you plan on spending, it helps remove the temptation of overspending.

3. Buy your items early: while this advice might be coming late, it is important to shop earlier because things are relatively cheaper before the holidays.

4. Create a savings plan: Separating your money might be a good way to manage your spending but if you still have access to it, you might still be tempted to spend so creating a saving plan with a lock is also a clever way to prevent overspending.

5. Cut corners: in some cases, personalized gifts or handmade gifts are an easy way to cut corners and to help prevent overspending.

6. Lastly, it is important to have resolve and learn to say no to certain demands and extra expenses during the holidays.

IN CONCLUSION

While it is important to keep check of your spending, it is also essential to not let your finances keep you from enjoying your holiday and it is good to know that Christmas isn't all about gifts but also sharing love.