Let’s face it, the holiday season is usually the time of the year when a lot of moms and dads tend to go a bit over their monthly budget and fail to save money because of the numerous celebrations as well as giving out gifts.
However, with these tips, you can still have fun during the holidays while still managing to save money!
Tips on how to save money during the holidays
1. Save money: You don’t need a lot of food during your Noche Buena
Some people tend to spend their Christmas bonus on their Noche Buena. However, this really isn’t a good idea because it’s much better to save your bonus for the next year.
Instead of buying a lot of expensive food, you can just buy 2-3 main dishes and have a simple Noche Buena. After all, the most important thing would be to focus on your family and just enjoy the holidays during Christmas.
Image by Freepik
2. Save money: Cut back on the money gifts
You don’t always have to give all of your inaanaks cash gifts during the holidays. You can buy sweets or small toys to give them as gifts.
It also helps prevent children from expecting money during the holiday season as it’s not a good idea to let kids get used to it.
3. Shop early and avoid the Christmas rush to save money
If you shop early, you’ll avoid the Christmas rush and potentially save even more money. That’s because it’s really not worth the hassle trying to get in on those “Christmas sales” which more often than not, don’t really give you a lot of savings.
4. Simplicity is key to save money
You don’t need to be extravagant during the holiday season. After all, the essence of Christmas lies in giving to others as well as focusing on Jesus Christ.
Try to be less extravagant and focus on having a simple yet more meaningful celebration this Christmas.
5. Save money: Work with your budget
Another important tip would be to set aside a budget for Christmas and make sure to work within that budget.
Don’t try and extend your budget, even by just a small amount, because that would defeat the purpose of having a budget in the first place.
Plan your budget in advance and make sure to work with it and think of creative ways of how you can go about it.
How to save money tips: Spend your 13th month pay wisely!
You have your 13th month pay now and thinking about how to spend it wisely? Here’s some tips for you!
Pay off your debts
One of the nicest presents you can give yourself this holiday season is the assurance that you owe no one any money. You can finally live a debt-free and worry-free future by paying off your bills.
However, you are not required to use your entire 13th month’s salary to pay off all of your debts. Determine your total debt and pay off the loans with the highest interest rates and fees first.
Prioritize your family’s well being
Our family is our main priority and we work very hard for them. Therefore, consider the opportunity to provide your family a memorable experience while considering how best to use your thirteenth month’s salary.
Once more, creating extra special moments for your loved ones strengthens your bond and relationships, which is beneficial to your general wellbeing.
Image from Freepik
Start your small business
You can also opt to fund your small business with your 13th month pay. Most likely, you’ve thought of it before but lacked the needed funds. Now, you have the money and all you need is do the planning. Start with a small business that only needs a small capital.
Learn new skills or enroll in online courses
Not only can you further your education, but you can also develop new abilities or knowledge. By doing this, you can protect your opportunities to advance in your work or assist you reach your career goals.
Make an investment in yourself! Use this chance to upskill yourself by enrolling in a course. By doing this, you raise your chances of getting promoted or become more desirable to employers.
Updates by Jobelle Macayan
READ: Teach your kids to spend their ‘aguinaldo’ wisely!