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With the holiday season upon us, many of us find ourselves in a precarious financial position. The realisation that the year is ending is accompanied by the stark awareness that budgets are stretched thin. There’s little money for gifts and family gatherings once we’ve paid our bills.
Nonetheless, with careful planning, plenty of creativity, and the involvement of family and friends, a joyful yet affordable holiday season is within reach. This is according to JustMoney.co.za, a platform that helps South Africans to make good money choices.
“The most meaningful aspects of the holiday season usually revolve around time spent with loved ones, and the care that goes into creating celebrations, rather than the financial value of the gifts and decorations,” says Shafeeka Anthony, marketing manager of JustMoney.co.za.
Tips for creating a budget-friendly, unforgettable holiday include the following.
Set a realistic budget: Decide on the total amount you can afford to spend over the season. Break that amount into categories, such as food, transport, gifts, and decorations.
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Use frequent flyer miles or rewards: If family gatherings are far away, use loyalty points to offset your travel costs. Once at your location, share lifts to limit transportation expenses.
Produce your own gifts: Sew, bake, and garden to create personal presents such as clothing, biscuits, sweets, and potted plants.
Make the decorations: Create your own decorations using materials such as fabric, paper, foil, and recycled items. Make this a fun, bonding experience by involving family members.
Suggest Secret-Santa gifting: Ask everyone to bring a gift, which is randomly assigned to another guest. This reduces the number of gifts each person needs to buy.
Bring a dish: Host holiday gatherings where each guest contributes a dish. This eases the burden on the host and provides a variety of food choices.
Shop smart: Compare prices online when shopping for holiday essentials. Look for bargains at community markets and charity outlets, and you will also support a good cause.
Discover free or low-cost activities: Attend local community events, such as ceremonies to switch on holiday lights, and free music concerts.
Focus on experiences: Plan activities that focus on spending time together, rather than expensive outings. Organise movie and game nights, hikes, and picnics.
“Most importantly, avoid taking on bad debt,” says Anthony. “Buying expensive items such as designer clothing and gadgets on credit may bring happiness in the short term. In the new year, however, you could find yourself with high-interest payments that linger long after the decorations have been taken down.”
JustMoney.co.za is a trusted voice within the personal finance sector. The JustMoney platform offers articles, money management tools, and a wide range of financial products and services. More than 450,000 South Africans subscribe to the free credit score platform to stay informed and become financially savvy. Subscribe here.