The expenses surrounding Christmas can quickly add up. To ensure you don’t finish the festive season with less money than you planned, here are some Christmas budgeting tips that will help your money go further.
Christmas on a budget tips
Set a Christmas budget
Before you even start buying presents, plan how much money you can comfortably afford to spend over the festive season. Once you have set this amount it’s important you stick to it and don’t go over it.
Make a Christmas list
Make a list of the people you plan buying presents for over the festive season. Start with your close family and friends and don’t be afraid to reduce your list if it starts getting too long.
Set a spending limit
Many people overspend during the Festive Season because they get carried away by their emotions. To avoid this, set a spending limit for each person according to your total Christmas budget.
Consider combined gifts
If you are buying gifts for a group of people or a family, see if you can buy a combined gift that everyone will enjoy, rather than single gifts for everyone.
Go shopping by yourself
If you shop on your own without friends or family, you are less likely to be distracted and there’s less chance that you will buy something you didn’t plan to.
Look for sales and discounts
There are many special offers available during the festive season. To make your money go further, look for sales and discounts where you can buy quality items for less.
Consider making your gifts
Instead of giving expensive presents, consider making something as a gift. People love gifts that are made with love. So, if you’re good at baking, woodwork or crafts, use your talents to make unique Christmas gifts that everyone will appreciate.
Plan your Christmas meal
The Christmas meal can be expensive. So rather than buying everything at once, set aside some space in your cupboard and fridge and buy a few items every week to put away. That way you won’t spend a huge amount at the last minute and you’ll stay within your budget.
Review your expenses every week
Keep your Christmas budget in mind all the time and review your expenses weekly to ensure you are sticking to your budget.
Access your South African Retirement Annuity
Many South African expats living overseas are unaware that they are able to access their South African retirement annuities, even before they turn 55! What’s more, the money can be used for any purpose – whether you want to treat yourself and your family to a wonderful Christmas holiday, or use it to cover off your Christmas expenses.
At FinGlobal we have simplified the process of accessing your South African retirement annuity abroad for thousands of South African expats. To find out more about how we can help you cash in your South African retirement annuities, contact us today.
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