Tis the season to save
How to save money this festive season
The festive season can be a busy and crazy time. Everyone is rushing to get holiday deals before they go on holiday and having a daily braai can be tempting. So, before December intoxicates us all, it is time to ask important questions.
What kind of relationship do you have with your Randela’s (Rands)? Here are 3 tips for looking at your finances in a more positive manner.
Identify your ‘money script’
Your relationship with money, and your knowledge about money and how to manage it, is shaped by the lessons and stories learnt as children, and examples set by role models.
Bradley’s 4 types of money scripts:
- Money avoidance: Ignoring money problems, avoiding money management, spending mindlessly, believing money is bad/trouble or that poverty is a virtue
- Money worship: Overworking, believing money is the only key to fulfilment or happiness
- Money status: Overspending, unnecessary spending, believing money equals status, or that success is measured in income or possessions
- Money vigilance: Being anxious about money, being risk-averse, being stingy or under-spending (for example, skimping on regular vehicle maintenance only to incur huge repair costs)
Identifying your money script gives you an opportunity to re-evaluate it and determine whether it is helping or hindering you in building a successful financial future. You can change your money script to a more empowering story, in which you enjoy a healthy relationship with your finances, and it becomes an ally in realising your dreams.
Now that you know how you relate to money you can use it better when shopping for gifts this holiday season. There are a few tricks on how you can maximise your budget without breaking bank.
Decide how much you can spend
Set a holiday budget before you go anywhere near a store, this will help you with over spending or going over budget. When buying gifts include the price of the gift and the courier cost, this will help you budget better.
Make a list
This might sound cliché, but it is a trick that has worked for many people. Now that you have your budget make a list of the people you are gifting this year, then assign a budget to each person.
This might sound risky in the day and age of heightened crime, but with online shopping carts accepting cash on delivery this formula might work. This will help you avoid credit cards, which are in true form short-term loans.
Say no to impulsive buying for yourself and if you have children for them too. Always put thought into gifts and not price tags, say no to buying expensive gifts.
It is a season for giving more than just gifts and food but also time, love and kindness. When you are out shopping remember the reason for this season.