Avoid overspending this coming year

27 Jan 2020

Spending Is your pocket feeling the aftermath of the holiday season? 

Overspending seems to be synonymous with holiday seasons. Despite our best efforts, impulse spending seems to take over and there are always unforeseen gifts or luxuries that are bought, from fancy foods to a last-minute gift for second-cousin Arnold who you forgot was coming to Christmas lunch.

To get this year on the right footing, a plan needs to be put into place for the holiday season ahead.

Plan, plan, plan – draw up a plan for the holiday season. What events are you planning, who will visit, draw up a list of gifts to buy, etc.
Now create a budget – budget for food, activities, presents, travel costs etc. Allocate funds that you are comfortable with and can manage. Planned spending is key.
Start buying gifts early – getting gifts on season sales throughout the year can have the present situation stockpiled and sorted before the holidays. Gifts are often more expensive nearer to the holiday season. Don’t forget to stock up on a few emergency gifts.
Use your rewards or cash back to buy presents – this way you get gifts without having to spend extra money.
Start saving now – once you have an estimated budget, it is the ideal time to start saving. Open a holiday fund to save a little every month so it doesn’t hurt your pocket when its holiday time.
• Most importantly – Stick to the budget. Don’t do impulse shopping. Leave the cards at home and take cash with for the planned gifts, or only transfer the budgeted amount to a debit card. 

Drawing up a plan and budget for your holiday season, will allow you to be in control of your finances and enjoy your festive season.

Chat to your deVere Acuma adviser to help you draw up a suitable budget for the holidays and ways to save. [email protected]

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.