Financial Planning

Get creative this festive season and avoid a financial ‘hangover’ in January

The festive season is fast approaching and with all the braais, lunches with the family, travelling with family and the Christmas lunch, your budget can easily be thrown out the window, giving you a financial hangover come January.

Here are some tips to stay on top of your finances throughout the holidays:

A critical step in the process is to do some basic financial planning before the festive season to ensure you set aside sufficient funds for January’s expenses.

Be creative with your festive season meals for the family

Remember, the festive season means shops will have festive season prices, too. But just because something is on special doesn’t mean you have to buy it! Draw up a list before you go shopping, don’t shop for food when you’re hungry, and stick to the list in your hand. Also, make sure no food goes to waste – be creative with leftovers.

Don’t break the bank on the perfect gift

Let’s say your aunt enjoyed your mom’s banana bread last year, so write down the recipe for her on special paper, decorate it and gift it to her. If you have attractive glass jars, fill them with jam or peaches and give a family member something home-made as a gift. It’s all about creativity and thoughtfulness.

Entertaining is expensive, so co-host

Entertaining friends and family is an expensive affair. Co-hosting festive parties, lunches or braais with others might be the way to go. Organise a bring-and-share at this year’s family gatherings by suggesting everyone contributes a dish.

Use cash for unavoidable essential items

For those essential items, pack your credit card away. Buy with cash, and even then only take the cash that’s in your budget with you. In this way you can avoid the budget hangover in January.