365NEWS gathered that the festive season is a time for joy, laughter, and creating beautiful memories with loved ones but can also put a serious hole in your purse if you’re not careful.
As much as you want to celebrate, there is a need to do things moderately so you don’t go broke after the season.
Here are 10 ways to save money during the festive season.
1. Plan ahead
The excitement and pleasure of buying tins at the last minute during the holiday is attractive, but it’s accompanied by a high price tag and regret after making the purchase.
To avoid such regrets, it is important to jot down everything you will need for the season and cut excessive spending and online scammers.
2. Set a budget and stick to It
It is easy to lose control of how much you are spending and be faced with debt, especially when the excitement is high and you do not have a budget.
To avoid excessive spending that can lead you to debt, begin with the things you can afford without putting yourself under stress by breaking down every little thing you need, assign an estimated amount for each item, and sticking to it.
3. Be careful with debit cards and transfers payments
Debit cards and transfers can feel like an easy means of payment during the holiday, but the ease can lead to a financial headache when you realise that you have spent more than your budget and even tampered with money set aside for other projects like school fees or rent after the festive season. No one likes to spend the new year broke.
4. Pay with cash
Unlike debit cards, which can feel like you’re not spending actual money, cash makes you more mindful of your budget.
There’s a feeling that comes with giving out cash, and watching the money you reduce makes you feel more mindful of your budget.
Set a spending limit for the holidays, take out that amount in cash, and stick to it.
5. Travel smart
Travelling during the holiday season to reunite with families and loved ones can be one of the most expensive parts of the season, especially with the current fuel price in Nigeria.
To escape the worry of spending more on transportation, try booking your trips during off-peak times. Flights, buses, and trains are often cheaper if you travel a few days before or after the busiest holiday rush.
Booking earlier, especially online, usually comes with lower prices compared to booking on the day of the journey.
6. Focus on what matters
Focus on the simple things that make the holidays unique rather than worrying about organizing a lavish party. These simplest things can sometimes be the most joyful and not the never-ending list of must-haves that may make you spend more.
7. Buy in bulk
Holiday gatherings often mean feeding large visitors, and that can be very expensive, but this can be avoided if you buy in bulk, especially non-perishable items like rice, pasta, canned goods, or drinks in larger quantities.
You can also team up with family or friends for a group buy. Sharing bulk items like meat, rice, or ingredients can help everyone save money, and you’ll have plenty to go around for all those festive gatherings.
8. Use rewards and cashback programs
The holiday season is the perfect time to use your rewards points or cashback gathered from the store you have been patronizing. If you do not have one, consider signing up for a rewards card the next time you visit a shopping mall before the season.
Also, look out for special sales or promotions like Black Friday or holiday shopping days that offer huge discounts so you can get items at discounted rates.
9. Cook at home
To save money during the festive season, limit or, better still, stop eating out or ordering food. Instead, make cooking at home a part of your holiday fun. This will enable you to avoid the price hikes at the restaurants during these periods.
10. Shop early
If you start shopping early, you can avoid the rush and stress that comes with the season and have more time to compare prices, find meaningful items, and take advantage of sales discounts without the pressure.
Shopping early also gives you the chance to spread your spending out, which makes sticking to your budget a lot easier. Plus, you can avoid the panic of sold-out items or inflated prices as the holidays get closer.
