Tips For Saving Money This Christmas
We are a few days away from Christmas, is the cost of living in Singapore giving you cold sweats? Studies have shown that people are a bit extravagant during the festive season. Well, it is a beautiful period of the year—but not to your finances. The season is notoriously hard on personal budgets and to credit cards for many Singaporeans. The current economy isn’t one to smile at, and it has left many feeling the financial crunch whenever they think of the number of gifts to buy, shopping and getting other household items in preparation for the end of the year.
The best way to go about it is to prepare in advance and develop a few ideas of saving money. Saving on costs does not necessarily mean being a miser, it is simply a way of cutting on unnecessary expenses. You want to enjoy every part of your vacation or holiday with friends without financially straining or feeling broke. Afterall it is what we all wish for everyone, that is why we have prepared for you a list of tips for saving money this Christmas.
Have a plan
Proper planning is critical in every financial sector. It helps you provide an account for all your expenditure. It also eliminates unrealistic spending. If you intend buying everyone in your family a gift, write their names down, what you will get for them along with the prices and have a figure of the total amount you will spend. If it is a vacation, it is wise to write down what you will need for the trip such as clothes and personal effects. If you are travelling out of the country, then you must have already booked your flight and also set money aside for purchasing souvenirs for your family and friends.
Keep track of your spending
Your budget will be meaningless if you don’t track your spending effectively. You could separate your Christmas funds from your regular household funds. This will make it easier for you to keep track of your holiday spending and manage your household day-to-day expenditure. If you have your bank’s details on your phone, you can always review your balances.
If you happen to purchase something that you had not budgeted for, look for ways to refund that money by cutting down expenses. For instance, if you planned to take all your Christmas lunch meals in lucrative hotels, you can limit that by grabbing lunch at your friend’s home or just cook. It is easy to keep track of your holiday expenditure, just be sure to remain diligent and loyal to your budget.
Cut down the extras
We are all guilty for some form of splurging during the holiday. It is so tempting to do what you have not done before at this time of the year—paying for some few photos with Santa, getting some new fashionable shoes for yourself, going for ziplining and watercraft riding and trying new foods. It is okay to try out some things, but too many extras could have a significant impact on your budget. If pumpkin spice latte caught your attention, you might be tempted to purchase it more often which will only affect your spending. That money could have been well-used on other important necessities like gas or electricity bill.
If you have the list of items to buy, why should you wait till Christmas eve to start rushing to the nearest gift shop to purchase your items? You have the money, the list, the time, and energy nothing should stop you. In any case, the essence of planning early is to get ample time to go shopping. Here, you have the advantage of time. Therefore, you can purchase your goods from the most affordable stores, package them and wait for the right moment.
You will agree that in Singapore, the festive season shopping begins as early as late October. Most companies from food, clothing, cookware, electronics, and furniture give offers to their customers during this period. There are new brands released, latest fashions and attractive gifts for everyone. If you go late, you may not get what you want, for the nice stuff will have already been sold out
There are cut offs for everything including dining reservations, and airport lounges. This is your moment to shine. If you want goods in bulk, wholesalers also give offers. You can enjoy quite a number of value-for-money deals which could significantly lower your budget. It is also during this period that you have time to bargain, therefore, don’t wait till items start running out of stock to make your last-minute rush.
Budget for a closer-to-home holiday vacation
Instead of flying far to an expensive snowy country in Europe, budget for a location close to Singapore to save money and still have some fun. You can do some research and find a place you have never gone. Ensure that the area is favorable or compatible with the activities you want to take part in. For instance, if you’re going to skate on ice, make sure the country is snowy enough to allow you glide. For most campers and backpackers, Singapore and its environs have great camping sites; you will only require your camping stuff and the only costs could be the camping fees and airfare.
Avoid impulse buying
Another noteworthy point to note down when saving during Christmas is knowing when to stop. You have made a list, you have purchased the items, you did a recheck, and everything is in place so no more shopping. Avoid stopping by the mall with that innocent aim “just to see what they have” –this can dangerously cost you a few more dollars especially if you have kids. It is effortless to get tempted when you step to a shop, and everything you see looks too nice to be ignored. If you are in a company of friends, resist the urge to go shopping in malls and instead bring other suggestions like picnicking or going to the movies and eventually it will be worth it.