Money Management
November 11, 2024
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Christmas is one of the most expensive times of year for most Kenyans. With only a few months to the end of the year, there is no time like the present to start thinking about how you will save money during the holidays. December is the time we throw caution to the wind and spend like there is no tomorrow but there is a tomorrow and it is called January.
Christmas can be fairly expensive, with bills for food, gifts, decorations, transportation for activities, and unexpected visitors who drop by your house. One might think, they have no choice but to overspend. You don’t have to spend another January doing damage repair exercises on your budget. Believe it or not, even though Christmas is a time you spend, you could also do a little saving.
With Christmas being a few months away, you have ample time to narrow down how you will save money during the holidays. Here are ten ways you could save some cash during the holidays.
Instead of waiting for a specific period to start doing your shopping, you could keep an eye open for gifts and products all year round. Don’t wait for Black Friday to start shopping for Christmas buy that sweater for your niece at that clearance sale in July. Keeping your shopping list in mind throughout the year will help you spread out both the spending and the stress. If you missed the opportunity to shop early this year, consider keeping it in mind come January. Consider creating a budget for the next hoilday season as early as January.
The temptation to impulse buy every item on offer may be heightened during the holidays, especially with a few bonuses here and there. Suddenly everything catches your eye. One way to effectively reduce the risk of impulse buying something is to avoid window shopping in unnecessary sections. For example, if you are shopping for groceries stay away from the hair care or clothes section.
Whether you are going on a trip or spending time at home with extended family. Your home will still use electricity. Plugged-in elements will still consume a few Watts. Unplugging appliances that are not being used could lower your electricity bill leading to more money saved. If no one is using the microwave or watching TV then it's best to turn them off.
There are a lot of ways you can show appreciation to your loved ones during the holidays and gift-giving is just one of the many ways to do so. However, you don’t have to sell your arm and a leg to reassure someone you care about them.
In order to find a balance between saving and enjoying the festive cheer of gift-giving think of some DIY gifts you can offer. Another great alternative is making your loved ones their favorite desserts. If you've got a lot of people to buy gifts for, such as extended family and friend groups, another alternative is suggesting Secret Santas this year. Secret Santa is a great way to keep the costs down.
After achieving a difficult milestone, it has become a tradition for some to gift themselves, more so after living through a difficult year. When making your Christmas budget limit the amount of money you spend on yourself. You will have the rest of the year to gift yourself, it doesn’t have to be December.
During the festive season, you get to spend time with your friends and family and usually, these gatherings are not complete until there is food involved. Hosting people, day after day might be financially draining for the host. So the next time you are attending or hosting your loved ones for a meal, consider having a potluck. Potlucks don't just spread the work of food preparation among all the guests. They also spread the cost of buying the food. When planning a meal, especially for a huge crowd, the cost can be daunting. A potluck provides a fine feast for a crowd without making anyone spend a lot of money. The host usually prepares the main dish and provides the utensils. You're still saving a lot if other people bring the appetisers, side dishes, fruits and desserts.
One thing you should consider taking advantage of this coming festive season is the deals and sales that come with the holiday. Look out for the 20-50% off deals on food and household items. For instance, if there is a two-for-the-price-of-one offer on an item consider that deal.
The holidays are a time for parties and gift-giving which are all money-sucking activities. To offset some of that inherent spending, consider switching out some of your usual activities like going to the movies or having brunch every Saturday for things that are more affordable. Try taking a walk around your local park, touring the Christmas light displays in your area, or watching your favorite festive film at home.
You may have gotten into the habit of decorating your home to usher in the festive season. One way to carry on this tradition without spending a fortune is by purchasing quality decorations and storing them properly so you can reuse them the following year. An artificial Christmas tree alone is quite expensive so it would be better to store everything properly for future use.
The best gift you can give yourself when the holidays arrive is a budget. When you make a plan and stick to your budget, you can have all the fun you want and still have some money to fall back on after the holidays. Making a budget will not only help you limit your spending but also help you know exactly what you need and how much it will cost. This can help to reduce your financial anxiety.
Having a shopping list of the items you want to buy and how much you are willing to spend on each item, will also go a long way in helping you not overspend. Many items are more expensive than they were last year, so make sure you take that into account when planning out your spending.
There are less than 90 days left before Christmas, one of the most anticipated and joyful holidays of the year. Christmas, however, can also be one of the most financially stressful times for families because of the numerous expenses that can cause people to spend beyond their means. With proper planning and extra effort on everyone’s part, it is possible to have festivities filled with fun over the holidays without spending January trying to get out of debt.
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