Eight tips to limit your spending during the festive season
With the festive season now in full swing, many people will find themselves spending more than usual on things such as gifts and socialising; and possibly ending up in debt come January. We are all guilty of splurging this time of year, and with the last couple of years we've had, it's easy to go over the top.
While we are entitled to spend our money how we want, after all, we have all worked very hard all year for it, here are some small changes you can make to see that hard earned money go a bit further.
According to Paul Merriman, CEO of askpaul & Pax Financial, the list below are all easy and simple ways to change to your spending habits this December.
1. Make a list and shop online
Still got some last-minute shopping to do? Making a list and shopping online will help you in sticking to your budget as you will avoid impulse buying - something people tend to do when they are in a physical store.
2. Keep track of your spending
Try your best to keep track of what you are spending. This is the best way to avoid going over budget. Using the likes of N26 or Revolut and setting up different vaults for things such as gifts, nights out, food shopping etc. is a good way to do this.
3. Agree price limits with friends and family
Speak to your friends and family members about placing a budget cap on gifts. This will make it easier for you to avoid overspending, and it will also ensure there are no awkward moments when gifts are exchanged on Christmas day!
Secret Santa has become increasingly popular in Ireland over the last few years
4. Avoid 'Buy Now Pay Later' Services
While these types of offerings can be tempting, I would encourage anyone thinking about it to think twice. Especially at this time of year. In essence, what these services offer are 'consumer loans' and the last thing you want in the New Year is to have a loan hanging over you.
5. Arrange a Secret Santa with Family
Another way to avoid overspending on family gifts, and wasting cash on silly presents that people probably don’t need, is to organise a secret santa. That way, you are only buying one gift and can put more thought into it to ensure it’s really what the recipient really wants.
6. Avoid using the credit card
This really is one of the easiest ways to ensure that you don’t start 2022 in debt. Avoid using the credit card during the festive season. Even better? Use cash where possible to keep a close eye on your spending.
7. Avoid buying vouchers as gifts
Unfortunately, some businesses might not survive the COVID-19 storm and could well end up closing during 2022. When you purchase a voucher, you are last on the list to be reimbursed if the business goes into liquidation.
8. Shop local, shop Irish
Avoid crazy delivery costs and shop local this Christmas. You won’t just save on shipping fees, you will also be supporting local Irish businesses during a very difficult period.
Subscribe or register today to discover more from DonegalLive.ie
Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.
Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.