The holiday season is almost here, and as much as it brings joy, it also comes with a lot of spending if we are not careful. I feel impulse buying is high during this period. You go to get some ornaments for your Christmas decorations, and before you know it, you end up with a bunch of other stuff you may not even need. But with a little planning, you can enjoy the festivities without a what-was-I-thinking moment afterwards. You can turn that holiday spirit into a season of savvy savings with some practical tips that will keep the joy and your wallet intact.
1. Start with Your Wishlist
We all have a holiday wishlist, but let’s be real: our budgets don’t always match our gift dreams. Begin by jotting down what you really want (and need) for the season, and add a few things you’d like to give others if you feel like Santa. A good way to go about this is to set a spending limit for each person on your gift list.
2. Check Your Bank Account, Twice
Channel your inner Santa and do a “naughty or nice” check on your finances. What’s your current balance? How much do you realistically have to spend without dipping into next year’s plans? You wouldn’t want to experience the “60 days” of January without money, would you?
3. Play the “Compare and Conquer” Game
When shopping for holiday gifts, don’t just buy the first thing you see. Take a few minutes to compare prices online, find deals, and even check for online discounts. Always look out for the best deals.
4. Cash or Card? Know Your Tools
Paying with a card can sometimes make you lose track of how much you are actually spending. Sticking to cash or, better still, a UBA prepaid card can help you stay within budget. The prepaid card isn’t tied to an account. Walk into any nearest UBA business office to get one if you don’t have one already.
5. Divide and Conquer with a Holiday Savings Plan
Why not split up your holiday budget into manageable weekly goals? Start saving small amounts now for big rewards later. It’s like a holiday countdown with a twist: each week you’re closer to your savings goal and less stressed about last-minute shopping.
6. Don’t Forget the Festive “Extras”
It’s easy to budget for gifts, but don’t overlook the little things. Extra food for family gatherings, festive outings, or even a new outfit for the festivities can add up quickly. Create a miscellaneous budget for the extras that may very likely happen during this period.
7. Set One Big Financial Goal for the New Year
The best way to wrap up your holiday spending is to kickstart a big goal for the new year. It could be you saving for a trip, setting up an emergency fund, or tackling a new hobby, planning for the future keeps your budget in shape beyond the holiday season.
8. Don’t Forget to Enjoy
Finally, remember the holidays are about joy, connection, and taking a break. Financial goals aren’t meant to stifle the fun; they’re there to make sure you start the new year with peace of mind and no regrets.
