The festive season is significant in that it helps us refocus on what truly matters and recharge for what’s to come in the new year. However, many get stuck in the spending-spiral a little too much during this time, resulting in a very long January and much stress at the start of a new year.

It’s therefore essential to:

1. Have a plan
Think through what you would like to do during the festive season and what your budget-allocation should be. It is good to plan ahead regarding how much you are able to spend on gifts, entertainment and any other things you’d like to do.

Many people come unstuck financially because of not having a clear plan. Create your plan and stick to it.

2. Treat December as any other month
You have your regular expenses – make sure your necessary financial commitments are met before incurring additional costs.

3. Track your expenses
Keep a daily log of all your expenses. An expense log, combined with a daily budget, will help you stay accountable and, in fact, allow you to enjoy the period more.

4. Factor in additional January expenses
At the start of the year, there are always extra expenses that need to be budgeted for such as stationery, uniforms and other school supplies if you have children.

• 5. Find creative ways to cut unnecessary expenses
  · Narrow down your gift-recipient list to close family members and friends.
  · Don’t buy expensive gifts, but rather thoughtful ones.
  · Make your own cards and wrapping paper.
  · Shop online – research shows that 71 percent of people spend more shopping in-store than online. This is largely due to the fact that when you shop online, you have a clearer idea of what you’re looking for.

When it’s all said and done, it’s good to remember that December is a wonderful season for reflection and for remembering that true riches are not found in finances, but in the quality of the relationship we hold with those around us.

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