5 Smart Money Tips for the Festive Period

The festive season is upon us, and because it’s been such a long and uncertain year, most people want this time to indulge in family moments, relax and spoil themselves.

However, we know that for some people, this period can be a financial burden. It becomes crucial to use money wisely during this period, especially if you’re on a budget.

We have highlighted some smart money tips to help you stay afloat during this season.

1. Start by making a list of who you’ll be shopping for — Don’t be tempted to overlook this. Having a list of people you intend to give gifts to in the festive season will go a long way to help you plan your expenses. This way, you can be sure to avoid overspending. Essentially, if you create a list, you will be more intentional about how much you spend and for whom you are willing to pay. This brings us to our next point — Budgeting.
2. Draft your budget in advance — To avoid financial stress during the festive seasons, it’s safe to draft a budget. What this does is to help you manage your finances while making the best use of available resources to enjoy the season. With a budget, you can keep track of your expenses and plan for family and friends while having a good time in the season.
3. Open a Christmas savings account — Did you know that with a savings platform such as BizVest, you can put money aside daily into your account. To be sure that you hit your saving target, you can have the money locked in the account, so you can’t get access until the 14th of December or 28th of December, which are the free withdrawal dates available on the platform. This way, you can overcome the temptation of withdrawing your savings before you hit your target. Imagine all that you can do this festive period with some extra money to spend.
4. Compare Prices To Get The Best Deals — It will be a wise move this period to compare the price of the products both online and offline. An e-commerce website may likely offer you a good deal on an item; however, another retail shop may give you an additional discount for the same thing. Remember that this season comes with many stores dishing out sales, deals and price slashes on various items.
5. Don’t Strain Yourself Financially — Don’t bow to pressure. During the festive period, it is common practice to see people in a rush to meet up and impress friends and family. Sadly, they will not be the ones to feel the heat of the financial stress if you choose to go this route. While it is understandable to want to make merry and enjoy the season, it is wiser to maintain a spending limit, draft a budget and stick to it. A budget helps you focus on spending on things you value rather than trying to impress others. Your future self, in January of the coming year, will thank you for this decision.