Can you believe that Christmas is only 16 Weeks away! Scary right. What’s even scarier is how much money people spend during the christmas period. So how can we combat this? Well it’s quite simple actually, we start preparing and saving money for Christmas now. Check out our top eight tips to start your christmas savings now.
Tip 1: Start Planning Ahead
On average Christmas spending is set to increase by 4.75% year on year per household in South Africa. This includes food, presents, travel and decorations, among other expenses.
So to start off with, create a budget to plan how you’re going to spend your money. Begin your budget by making a list of family and friends you will be buying presents for and allocate an amount for each person. If you are going to be hosting a lunch or dinner then consider how many people will be coming over and how much you will need to spend on food and drink. From there, you should be able to work out how much money you would need to put away each month.
Tip 2: Open up a Christmas account.
The Christmas savings account is a good option for those who are not disciplined enough to set aside money each month for Christmas. Go to your bank and ask them if they have any savings account which you can open that cost very little money and earn at least some interest. Once you’ve got your new savings account, be sure to name it “My Christmas Savings Account” so that you know what you’re saving for and what the purpose of the account is.
Next thing you can do is make sure to transfer or put any extra money you might have into this account. Even if it is only R5 a day for the next 100 days, that adds up to R500 which could be used for a gift.
Tip 3: Give Up Something
Pretty straight forward here, you need to give up something to gain something. In this case, some extra savings for Christmas.
The first thing to do here is gather all your finances and see exactly what you’re spending your money on. Once you have an idea of where you’re money is going, now is the time to ask yourself if you really need that subscription to that magazine every month or the latest tech gadget from overseas.
Once you’ve determined the exact finances you can get rid of, put that extra money you have into your Christmas Savings account.
Tip 4: Sell Your Stuff
t’s quite fair to say we all have one or two things lying around the house that we don’t need. If i look around at my own house, i have an old Blackberry lying next to some furniture and clothes that i don’t use. Fortunetly sites like www.gumtree.co.za or www.olx.co.za exist so that we can sell our junk lying around to people out there looking for good deals.
Spend some time going around your house and find things you don’t use that you could put up for sale. Check out sites like www.bidorbuy.co.za where you don’t even have to deal with anyone. You simply add your listing, people click buy and you then send off your junk whilst getting paid.
Tip 5: Count your cents…..literally.
Empty your pockets or purse daily into a change jar, get your kids to join in, look around your couch, look in your car and use that change you find to increase your Christmas Savings account.
Tip 6: Make extra money during the holidays
We can be so busy during the holidays that it can be tough to make more money. But holiday seasonal jobs at malls or from home could bring in some extra income to help you earn a little extra cash while doing things you would do anyway (like shopping).
Tip 7: Shop Online
Because of the many advantages and benefits, more and more people say they prefer online shopping over conventional shopping during the christmas period. Many times when we opt for conventional shopping we tend to spend a lot more than the required shopping expenses, on things like eating out, traveling, impulsive shopping etc.
So when you start to look for christmas gifts, be sure to check out sites like www.takealot.com where you can find what you’re looking for quick and easy without the distractions of going to the mall. Be on the look out for daily deals to see if you can find great specials on great items here as well.
Tip 8: Start Today!
By starting today, you’re giving yourself a headstart in saving some money for Christmas that you wouldn’t have had previously. There’s 16 weeks left before christmas so that’ll give you plenty of time to finalize any what you can do to save some money.
By following the 8 tips above and by starting to save for this year’s Christmas today, your wallet will be thanking you for the early gift!
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