PLAN FOR CHRISTMAS IN NOVEMBER

No we aren’t joking. If you plan ahead you are more likely to avoid unplanned expense over the holidays and not find yourself laden with debt in the New Year. Think about it, if you look plan now for all the events, activities and festivities and look at your obligations you will be in a better position to arrange your finances to meet your needs. Heed our advice below, for a debt free enjoyable holiday season:

Make a budget
Look at and write down all the monies you will receive at the end of November and for December; Apart from salaries, this may include monies from overtime, remittances (monies from relatives and friends abroad), other sources of income and for a fortunate few Christmas bonuses.

Do the same with your expenses. Subtract your expenses from your income and see what you have left. The amount remaining is all you have for the holidays.

Make a list
Make a list of all the people you need or want to buy gifts for, including a ‘smalls’ for the garbage man, gardener, postman and housekeeper. These small gifts can add up. Include money you'll spend on Christmas cards, postage, holiday parties, decorations, holiday entertainment, etc.

Set Spending limits
Set a limit for each person on your list, then add them all up and make sure they don't exceed your overall spending limit. Add a little more to make sure you account for unforeseen expenses.

Watch for Sales
Look out for Sales and discounts on those items you intend to purchase. Also, if you can afford to wait, post holiday bargains may offer you the best deals.

Follow your List
Cross out the names on your list once the gifts are purchased. This will help you keep track of your spending. Resist the urge to add any extras to the gifts already purchased.

Don't Rush instead Shop Around, Shop Early & Comparison Shop
Unplanned shopping tends to promote overspending and impulse buying. It helps to plan exactly when and where you will shop. Shop around, you may find it cheaper elsewhere.

Use cash
Use cash for shopping as this allows you to see your money dwindling and discourages impulse shopping. Reason, well you know that the cash you have in hand is all you have to spend; when it is finished so is your shopping. Credit Cards and to a lesser extent Debit Cards will facilitate you buying more than you planned to and more than you can afford to.

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