Noche buena celebration is very close, but you haven't bought any gifts yet? Are you afraid that your financial resources will not be enough to buy gifts and organize celebration? With proper discipline and planning, managing money before Noche buena can be easier than it sounds. It is important not only to prioritize spending, but also to understand what is most important during this holiday season. After all, this is a time that you need to spend with family, not a time to get into debt.
We've put together a number of tips to help you manage your finances successfully before Noche Buena.
Plan your budget
December can be full of stress and making various purchases, when it may seem that you will not have enough money for everything you need. To avoid unnecessary stress, we recommend that you plan your budget so that you can calculate the approximate costs. Keep track of all your planned costs, review your finances, and evaluate which purchases aren’t really important!
Stick to your plan
Once you've set your budget for this month, it's important that you consider it and stick to it. Choose a way that will make it easier for you to remind yourself of the elements of your budget and remember that it is important that you do not exceed your budget.
Existing debts and bills are your priority
Although almost all people want to buy the best and greatest gifts for their loved ones, you must remember that during the holidays your bills will not be lower and your debts will not disappear anywhere. It doesn't matter if your monthly payments include a long-term loan or just utility and rent payments, you should not defer these payments, so we recommend that you make all monthly payments before purchasing gifts. In this way, it will not be possible to have a situation where there is not enough money to pay for your bills.
Do not touch your savings
If you constantly make savings, then during the holidays you may want to buy gifts and celebrate holidays using these savings. While this may seem like a good idea at the moment, it would not be advisable to do so. By purchasing holiday gifts from your savings, you run the risk that you will not have enough money to deal with unforeseen situations.
Create a gift shopping plan
Without a strict gift purchase plan, shopping can be very expensive and inefficient. Before you go to the store or start searching for gifts online, take the time to create a list of all the people you want to give gifts to. Write down the maximum amount of money you will use to buy a gift for each person and write down the gift ideas. Creating such a plan will reduce panic and unforeseen spending.
Divide your spending
Buying all your gifts right away and at the last minute can create a really difficult situation to keep up with your budget. We recommend that you split your spending by day so that you don't have to make all your purchases in one day, thus reducing financial stress.
When buying gifts, pay attention to promotions and discounts
In December many shopping venues offer a variety of discounts. Quite often these discounts are just a simple marketing trick, but if you see a product at a reasonable price - buy it, of course, carefully considering whether you need it.
Remember to enjoy the holidays
Although buying gifts and planning a celebration can be a complicated and stressful process, don't forget to enjoy this beautiful holiday time, because the most important thing aren’t the gifts, but the time spent with your loved ones.
The MyCredy team wishes you and your loved ones a bright holiday and a successful 2022!