I love the festive season, the carols, the lights, the food and the excitement of opening the gifts. But I also hate the stress of it all. I get a little overwhelmed with all the extra spending and I have always relied on my credit cards to get me through the season. But this year I am going to do things a little differently. I am tired of chasing my tail and making the same silly mistakes year in and year out.
- The first thing I am doing is cutting back on my weekly groceries. This is an easy solution and gives you immediate relief. I usually spend $200 a week on food, but I am cutting back and keeping at $150. That means cheap coffee, less snacks, less wine and cheaper meat cuts. The best way to do this is to actually buy or your $50 gift/s so that the money is no longer available for your weekly shop. Another effective way of doing this is to draw the cash and to leave your wallet at home. Choose the option that works best for you.
- Plan your Christmas lunch menu in advance. Do this and you will budget better, and you will avoid last minute expensive impulse buys. It will also enable you to be on the lookout for good deals ( the $50 savings can also go towards this ) Things like mint sauce and Christmas crackers add up quickly, so getting these non-perishable items well in advance will eliminate the cash flow stress!
- Spoiling the kids! Ah man this is such a hard one for me, I absolutely LOVE spoiling the kids! The excitement of it all and the anticipation of who is getting what. I really struggle to hold back and I often overspend on last minute stocking fillers! My plan this year is to stay out of the shops and to have all my gifts wrapped and ready before the Christmas panic sets in. Planning is key. Knowing what your kids want and stick to the list.
- Cutting back on social events. We all enjoy being social and going to birthday celebrations, having weekends away with friends and get togethers in coffee bars and restaurants. I am not saying do not go out at all, but every time you do, it costs money. If it is not in your budget to do so, then don’t. It is a bitter pill to swallow, but starting the new year in the negative is not what you want either.
These strategies can help you start 2023 on a clean slate. It means you can start saving without having to pay off debts and repeating this cycle of overspending. It means you can start saving early in the year, so that you do not have to make so many sacrifices the following year, The truth is, we need make sacrifices now, so that we can break the hamster wheel of debt!
Leave me a comment and let me know what your tips and tricks are to making the festive season great!
MomindaMix 