The period between the second last week of December and the first week of January is normally a time when most people around the world have to make arrangements to make purchases and shopping for Christmas and for the New Year. This obviously leads to a lot of financial stress and problem as well as tension about how they are going to manage the entire affair. Many end up borrowing money to make these arrangements possible and in the process have to manage a hand to mouth existence at the end of it. They are also left with huge debt to settle by January and February of the new year. Some do not even manage to meet their mandatory payment obligations such as house rent, insurance premiums and so on. Sometimes, even borrowing money becomes difficult since everybody wants to spend money and not all have something to spare to be able to lend other when Xmas season is around the corner.
Celebrating Christmas without financial problem
However, this need not be the case and with some personal financial planning well in advance, you can have a wonderful festive season and enjoy yourself. The need to get into the habit of saving money regularly is of utmost importance and that is the outcome of making proper financial plans. This would ensure you do not spend outside your means in the period leading up to the festive season, Xmas and new year. The key is to make plans and stick to them diligently.
Don’t borrow money you can’t afford
Hence if you have some payments that are coming up in January or February and you know you have to meet your festival and Xmas obligations as well, then you need to put in place a saving regime that starts well before the season so that you have enough money to spare for the occasion. If saving is a problem, then you need to curb your expenditure during the festive and new year season such that you are able to meet your payment obligations in January and February without much hassle. Make sure you don’t borrow money you can’t afford.
It all boils down to financial discipline. You must take the opportunity to put aside some money every months for investment in the right asset classes so that over a period of eight to ten months, there is some appreciation in the value. You must also curb any unnecessary spending on items that are superfluous and stick to only what is most necessary for your family in festival, Xmas and the new year.
To summarise, a feeling of contentment and living within means is what most finance experts recommend if you wish to enjoy your festive season, don’t over spend. Remember that, you need to settle some important bills in the coming year, in other to enjoy life and be happy after the festive season. You don’t want the headache of repaying all the money you borrowed.