Five tips to help control your spending during this festive season

It is that celebratory time of the year! The festive season where love, joy, excitement, and merriment fill the air.

However, it can also be a period of financial strain due to skyrocketing expenses and the temptation to splurge on gifts, meals, and decorations.

This season, it is quite easy to go overboard on spending. In a year marked by a steep increase in the cost of living, it is only smart to be prudent with one’s spending.

Given this, here are practical tips to help control your spending and avoid financial regret this season.

• Set a budget

Setting a clear and realistic budget is the first step to avoid overspending this season.

When setting a budget, make a list of everything that needs to be bought or done then allocate a specific amount to each category in accordance to your available resources.

Do not be optimistic during budget rather be realistic.

Even with a budget, it is still possible to overspend, so periodically try to track your spending to stay within the budget.

• Shop early

Shopping early during the festive season is a smart move as it is known that prices of commodities increase steeply during this period particularly a few days before Christmas.

Shopping early will help you take your time to explore local markets and compare prices to ensure that you get the best value for your money.

It can also help you take advantage of early discounts.

During this shopping, remember to bargain. It is the festive season and the period when some seller deliberately hikes their prices.

Doing your festive shopping ahead of the rush will save you a lot and help you spend within your budget.

• Limit impulse buying

During this festive season, it is very possible to be fascinated by some festive items. Stores are also designed to tempt you to buy more than what you came in for

However, it is in your best interest to avoid spontaneous buying because it can wreck your budget. So make a shopping list, stick to it, pause, and evaluate the necessity of each purchase.

Also, focus on what you want to buy and be willing to make tough decisions to stay within your budget.

• Use cash instead of a card

To avoid overspending this festive season, shop with cash and not your ATM card.

True, shopping with a card lowers your risks of being robbed and makes transactions more comfortable. However, if you want to stick to your budget it is advisable to use cash instead of a card as using cash helps you to monitor your spending.

You are also more likely to be more mindful and cautious of your purchase decisions to avoid debts and being stranded.

• Set boundaries

You do not need to buy a gift for every person you know. The longer your list the more likely you are to overspend.

Do not be pressured by anyone or anything to go beyond your budget so set that boundary.

You do not have to give every individual a gift, you can gift per household or better still consider DIY (do it yourself) or handmade gifts and decorations.

DIY or handmade gifts and decorations not only add a personal touch but can also be more budget-friendly.

Remember, the festive days are fleeting moments and there are still more days and expenses to come. So, spend wisely and ensure a joyous season extends well beyond the holidays.