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Smart Finance Tips for the Festive Season

To have a memorable holiday season, shouldn’t mean you need to go into debt, and by keeping your finances under control you can keep the other challenging aspects of the holiday in check as well. What’s been called a holiday spending hangover, can be avoided by using a little restraint right now and many Namibians are looking at smart ways to be money wise this December. One such Namibian is Economist Festus “Prince” Hangula, who shared a few of his finance tips for the holidays with 99FM’s MYD Smart.

Here are some tips that can help you to spend wisely and save smartly, during this festive season :

Base it on the Budget

The best way to take control of festival spending and saving is to decide on a budget. Budgeting is listed as the number one tip to get to through the festive season with minimal stress.

“The first  step  in  becoming  financially  responsible  is  to  begin  with  a personal  financial  budget.  Without a personal  financial budget,  there  is  no  way  one  can  possibly  track  their  income. This also leads to spending  properly.  A budget helps you  determine  whether  you  should  grab  that bite  to  eat  or  you  should  head  home  for  a  bowl  of  soup.  It  helps  you  identify  wasteful  expenditures,  adapt quickly  when  your  financial  situation  changes,  and  achieve  your  financial  goals.  Budgeting  decreases  your  stress  level  because  with a  budget  there  are  no  surprises.” Says Hangula.

Dodge the Debt

If you haven’t done the planning in advance for the holidays and all their related costs, don’t borrow money unnecessarily.

“You don’t need to spend money on gifts to make Christmas special.  Christmas is after all, a time to spend with the family, its not for spending  more  money than you have, and going  into debt that you pay for, all through the coming year.”

Skip the Sale

“Shops  do  not  only  have  discount  specials  during  the  festive  season.” Says Prince who adds, “I am  not  spending  much money, I have already bought  my  gifts during  the  course  of  the  year. All  I  need to do  is  buy  wrapping  paper.  Don’t  buy expensive  gifts  and  don’t  buy  too  many  gifts.”

Avoid Janu-worry

“Remember November’s  Salary  is  For  December  and  December  Salary  is  for  January and try avoid the Janu-worry  syndrome.”

Resist the temptation and stick to your budget, keeping in mind what expenses you will have in January. To get to January without the expected money stress is possible, it just requires a small payment of our attention to our budget.

“Start  a  Christmas  savings plan  from  January  each  year  in  high  interest  savings  accounts  and  you  will  be  amazed  at  how  much  you can  earn  in  12  months.”