This Christmas: Think before you spend

by Myne Chukwu- Guest blogger

 It is the month of December, and already, the smell of Christmas is in the air. All around us, people are in a frenzy. Visit major markets and shopping malls and you will observe a shopping tsunami- people shopping like shopping is going out of fashion.

 Sadly, by the time January rolls around, most consumers have almost no money left and struggle to make it through the month. This has me both amazed and furious. How can people work so hard for their money from January to November, only to blow it all away in one month all in the name of Christmas? This year, don’t let Christmas trip you up. Think before you spend to avoid unnecessary financial strain.

You might be wondering how to do that. This article shows you a few tips on how you can spend wisely this Christmas.

 
1) PLAN EARLY FOR CHRISTMAS

Plan to do your Christmas shopping early. Know how much you have available to spend on Christmas and avoid using credit cards beyond a limit you can budget to pay back within a reasonable time frame.  Reflect on what is really important to you this Christmas and plan your spending accordingly to avoid financial and emotional stress.

 

2) BUY  WHAT YOU NEED, NOT  WHAT YOU WANT

Now that you have planned your shopping and are ready to hit the malls, rule number two is crucial. Only buy what you need.  How many times have we walked into a shop to buy a particular item, only to get distracted by other things not on our list, and certainly not on our budget. This happens to the best of us. If you are doing your Christmas shopping, endevour to buy what is necessary and needed for the moment as opposed to what is on our wish list. Make a list.  Try not to be tempted by strong advertising and marketing messages at Christmas time. Consider your priorities.Work out your budget and stick to it. Focus on essentials and forget about luxuries.

 3) NEVER OVERSPEND

Overspending during the festive season may lead to financial pressures that can have an overflow affect on relationships and may create family conflict – all the things individuals and families want to actually avoid during what’s meant to be a joyous season, right?

 4) NEVER BUY ON CREDIT.

Even worse than over spending is buying on credit. Folks, never ever buy an item on credit.This one should a no-brainer, right?  Funny how most of us lose sight of this when we are staring at all those 'must-haves' in the mall. If you don't have the cash to pay for an item at the point of purchase, please slowly and quietly bid it good bye. You don't want to start the new year with credit worries, trust me.

5) STAY WITHIN YOUR BUDGET

Last, but certainly not least, stay within your budget. I know we all wish we had limitless amount of cash to spend on just about anything this Christmas. Unfortunately, wishes aint perfume, else we'd all smell sweet. The key is to spend within our means.  It makes no sense to be buying things out of our financial reach simply because it is Christmas. If we can't afford it this year, there are certainly many more Christmases to come, right?  So before you take that gown off the rack, or eye those gorgeous pair of manolos, ask yourself, 'can I honestly afford this without hurting my bank account'? That way, you save yourself undue tortue and premature high blood pressure. (I just heard a God forbid from you. I agree with you too..lol)

So there folks, you have it. Wishing you all a smart spending Christmas and a financial-worry free New Year ahead.

Do you have any other suggestions, please tell us how we can manage our spending habits this season.