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Home / Managing Your Money

Six ways to save money and still enjoy the festive season

Managing Your Money
By Esther Muchene | 4 months ago | 4 min read

 Spending money you don't have is never a good idea (Photo: Courtesy)

The festive season is upon us again.

It’s that time of the year that reminds us of love, joy, unity and family, which is why we hold it dear all over the world.

As much as we love the spirit of Christmas, the financial strain during this season can be overwhelming. We often find ourselves overspending rather than saving and that is exactly what leads to the dreadful ‘njaanuary’ blues.

Things on the ground however hit different when you want to shower the kids with gifts and impress your family members.

With that, it becomes hard to exercise financial wisdom and discipline but you definitely need to try your best. Armed with these nuggets, here is how you can save cash and still enjoy yourself:

  • Maximize on sales

The good thing about the festive season is that it comes with lots of sales and deals. You can spot them when you go to a supermarket near you and you certainly won’t miss them on online stores too.

Take advantage of the 50% off deals on food, household items and maybe you can even spoil yourself with a few self-care items that are on offer.

You will be saving a lot while getting what you want at the same time.

 Always remember to track your spendings to help plan your finances better (Photo: Courtesy)
  • Restructure your vacation traditions

Taking family vacations during the holidays is more than just visiting exotic locations. It’s a symbol of the bond you have because it is truly a blessing to be surrounded by people you love most.

At the same time, we can’t ignore the fact that vacationing, especially during popular holidays, can drain your wallet quick.

It is wiser to reflect on whether you can really afford to go on a trip or how you can secure deals and save some cash if you still plan on travelling.

Book early and make use of websites or apps that can show you where you can get discounts as you plan or choose to have a staycation as you bond with your loved ones.

  • Limit the gifts you buy

Gift giving is a way of showing appreciation during the festive season. But you don’t have to buy something you can’t afford to reaffirm that you care about someone.

If you want to balance saving money and enjoying the festive cheer of gift giving, think of brilliant DIY gifts you can offer.

You could try baking Christmas themed cookies along with other tasty desserts that your loved ones will appreciate.

  • Preserve your decorations

Putting up Christmas decorations is a fun way of ushering in the festive season. Many households still love to put up decorated Christmas trees and fairy lights as a way of celebrating.

A great way to carry on with this tradition without spending a lot of money is buying quality decorations and storing them properly so that you won’t be tempted to buy new ones every year.

An artificial Christmas tree alone is quite expensive so it would be better to store everything properly for future use.

 Change your holiday traditions and save on some money while at it (Photo: Courtesy)
  • Track your spending

The biggest financial trap this season is getting carried away with your spending.

You can easily get distracted by all the amazing things you ‘need’ and end up exhausting most of your savings.

Whenever you’re out shopping stick to your to-buy list so that you don’t impulse buy just because something is on sale.

  • Focus on your financial goals

Sometimes there can be a lot of pressure to spend extravagantly as the holidays approach. There is that inner part inside us that would be excited to let others know that we travelled to this and that destination because it’s not exactly fun to say you were just at home.

If you overcome FOMO-the fear of missing out, you will be much happier. You will be spending within your means rather than going overboard just to look like you’re financially thriving.

For example, if you can only afford to buy a small cake and drinks for your family for Christmas, that is absolutely fine.

It may not feel super special or festive but remember the long days ahead after Christmas is done and dusted.

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