Holiday on a budget: 5 ways to curb expenses while things are slowly returning to “normal”

It’s very difficult to manage your expenses during Christmas time. It’s even more difficult to manage them with a pandemic in tow, and a new variant on the rise.  But still, this doesn’t mean that you shouldn’t celebrate this holiday season without all the gifts, the house decorations, and the food!

If money is tight this year, you don’t have to miss out on the festivities, but you may need to adjust your budget.

Here are ways to curb expenses while enjoying the “most wonderful time of the year”. 

Make a list.

Santa has always said to “make a list and check it twice”. Not only should you list down what to give to each family member or friend, but also jot down the allocated budget for each. Once you’ve written down these figures, you’ll be in a better position to keep track of your expenditures.

Keep in mind to set up a holiday spending limit, so that you can easily keep track of your budget. For instance, if you decide on a PhP 3,000 budget this year, figure out how much it goes into food, gifts, travel, or decorations. 

Shop smart.

Consider shopping online, especially during sales. Apart from the convenience and safety, it’s also easy to compare prices and use promos to save money. You may often discover books, CDs/albums, collectibles, and jewelry in excellent condition for far less than they would cost in thrift stores.

The beauty of this is that you’re also less likely to overspend because you’re not in the midst of the Christmas madness at the store – which can be dangerous nowadays.

Find a budget buddy.

A budget buddy – from your financial advisor to a family member – can help you stay on track and even cut down on FOMO spending. This assistance and encouragement can help you make wise financial decisions with your spending throughout the holidays. So, if your heartstrings are tugging at you to make a costly or excessive purchase, consult your budget friend for financial advice. Having a budget buddy for short-term goals might also help you develop good financial habits that will help you manage bigger problems later.

Use banking apps.

It’s not in your wallet that you’ll find an efficient tool for holiday money management; it’s on your phone. Mobile banking applications make it quite simple to keep track of where your money is going.

Free budgeting applications such as GCash and PayMaya (or even Coins.ph) can help you account your finances. These simple tools may help you keep track of your spending, make a savings strategy, and understand your short- and long-term budget objectives. You may also set up alerts to ensure that you’re staying on top of your money during this hectic time of year.

Provide personalized gifts.

Instead of purchasing expensive gifts that may not be appreciated, why not create a personalized gift? If you are into arts and crafts, you can make your recipient a handy notebook, or even give him or her a painting. If you are into photography, you can give your loved one a candid and framed portrait that you took.

After all, it’s the thought that counts, right?

Keep in mind, though, that this holiday season, it’s not about how much you spend – but how much you give. Remember to invest more in people, memories and experiences. For a start, you  can build connections and relationships with people by giving them a call or catching up with friends. The pandemic may have limited social gatherings, but there is always Zoom or Google Meet.

And that is what Christmas is all about.

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