Financial savviness during the festive season
The festive season and end of year holidays are exciting times that everyone looks forward to. This is also a time when overspending happens, especially with online shopping being so convenient!
December is often the most expensive month between the gifts, food and festivities, it’s easy to get carried away with your spending and throw caution to the wind.
One of the most important lessons we've learned from the pandemic is to always be financially prepared. To ensure that we bridge the gap between our earning and spending at this time and have enough finances accessible for the new year, it is critical that we arm ourselves with the necessary knowledge and financial tools.
Some tips to consider for financial saving this festive season:
- Make a reasonable budget for your holiday spending and attempt to stick to it.
- Shop around for good discounts and, if you're tempted to make a large buy, give yourself a day to think about it.
- If you plan to pay for holiday spending using a credit card or an overdraft, make sure you can afford the extra monthly payments in the new year.
- Make a detailed shopping list to avoid impulse purchases.
- Make the most of discounts and loyalty points.
- Keep your receipts safe. If you need to return or exchange a present, having your receipts on hand will save you a lot of time and effort.
- Be open and honest with your friends and family about your financial situation.
If you would like further tips and advice on financial management please contact ICAS:
- 0800 775 777 (toll free number)
- Request call back: *134*905#