By: Sibongiseni Ngundze
The festive season is here, and with all the cheer comes the challenge of managing your money. But don’t worry. With a few simple tips, you can enjoy the holidays without stressing about your finances.
A little planning goes a long way. By making smart financial choices, you can have a joyful season without breaking the bank.
Here’s how to keep your wallet happy this festive season:
1. Set a festive budget
Start by deciding how much you can afford to spend on gifts, outings, and travel. Break it down into categories, like presents or entertainment, and stick to your limit. Don’t forget to leave a small buffer for surprises.
2. Track your spending
Tracking what you spend helps you stay in control. Use a budgeting app or jot things down in a notebook. Keeping tabs on your expenses can help you avoid that dreaded post-holiday panic.
3. Pause before buying
Holiday deals can be tempting, but don’t let them derail your plans. Try the “24-hour rule”: wait a day before buying something you weren’t planning to. Often, the excitement fades, and you’ll save money.
4. Give creatively, not expensively
Great gifts don’t have to cost a fortune. Homemade treats, framed photos, or even handwritten letters can be just as meaningful. Focus on the thought, not the price tag.
5. Spread the cheer by giving back
Set aside part of your budget for helping others. Whether it’s donating to charity, buying groceries for someone in need, or volunteering, giving back can make your season more meaningful.
Enjoy now, stress less later
With a little planning, you can make this festive season about joy, not debt. And when the new year rolls in, you’ll be glad you kept your finances in check.
* Ngundze is the CEO of personal banking at African Bank.
PERSONAL FINANCE
