Budgeting for the Holidays

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Spending Plans for the Holidays

The month is just beginning and you most likely just got paid your November salary. But like a hungry lion, December is waiting to snatch it all up.

What with the skyrocketing cost of rice and other foodstuff for the holidays? Tomato too is scarce. Then there’s the million fun activities that everyone seems to be attending. Oh! Gifts too for the loved ones. December is ravenous. What to do?

Draw a budget NOW. Don’t wait till later. You can apply Elizabeth Warren’s 50:30:20 budgeting principle Click To Tweet

How to Make Your Money Last Longer

1. Draw a budget NOW. Don’t wait till later. You can apply Elizabeth Warren’s 50:30:20 budgeting principle. As explained in her book, "All Your Worth: The Ultimate Lifetime Money Plan", dedicate 50% of your after-tax income to basic needs – transport, feeding, etc. – 20% to saving, and 30% for others.
You may have other methods that work for you too. Just draw up a budget. It really would help.

2. Put spending money in one account and money to not be spent in another account that has no cards or internet banking. Don’t put all your money in one account. This helps for financial discipline and security reasons too.

3. Make a list of the activities you want to be a partake in. Office party, December concerts, movie nights, sky diving, etc. Write it all down, then draw a scale of preference. Which of them can you move to another time on the calendar? Will you be getting value for your time? Let your budget guide you too.

4. Pool funds with friends. Doing stuff with friends MAY significantly reduce how much you spend on stuff by yourself. e.g. Car pooling, group discounts, home party/hangouts where everyone brings something, etc.

5. Say NO sometimes. You don’t have to be a part of everything. There will always be activities and all of them promise to be fun, but you can’t be everywhere. Don’t burn yourself out. Decline sometimes. Rest. Have your "me" time. Read in bed. Try out a new recipe at home. Catch up on TV shows. Volunteer. Those can be fun too.

Bonus: Don’t let me kill your mojo. Have fun too. 😊

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