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Financial Wellbeing

Tis the Season to Save – our tips on how to save this holiday season

18 Dec 2023

Life Insurance by Life Stage

The choices you make today can impact your long-term health, wealth and happiness. Understand the important role Life Insurance can play in key life events.

The holiday season is upon us, and while it can be one of the best times of the year, it can also be the most expensive. Between gift-giving, decorations, and lavish feasts, it’s a time that can easily put some strain on your bank account. We have provided a guide below with some practical money-saving tips that will help you navigate the Christmas season without breaking the bank.

Tip No.1 – Create a budget and stick to it

Arguably the most important tip is creating a budget and sticking to it. Determine how much you can afford to spend without sacrificing your financial well-being. Once you have a budget in place, stick to it diligently. This will not only help you manage your expenses but also reduce the stress associated with overspending.

Tip No.2 – Secret Santa!

Often a favourite in big groups with colleagues or friends, however it can be a great alternative at home too. This way, each person only has to buy one gift, reducing the overall expense for everyone involved. Set a budget for the gift exchange to ensure that it remains affordable for everyone.

Tip No.3 – Savvy shopping

Keep an eye out for pre-Christmas sales and discounts. Many retailers offer special promotions or markdowns during the holiday season. Be strategic in your shopping and take some time to look around for the best deals.

Tip No.4 – Save up your cashback

Another way to save whilst spending is making the most of cashback apps and platforms. As it can take a while for the cashback to come through, you can let it build up in the account and put it towards making your next Christmas even more money savvy.

Tip No.5 – Shop your own wardrobe first

Before succumbing to the temptation of buying a new outfit for every silly season event, take a stroll through your own closet. Often, we forget about hidden gems and timeless pieces tucked away in the back. You can even mix and match different items to create new combinations.

Tip No.6 – Christmas potluck

Share the load when it comes to the cooking! Often, it’s left to whoever is hosting the festivities to buy and cook the Christmas feast. Instead of shouldering the entire burden, consider asking each guest to bring a dish or two.

This Christmas, embrace the spirit of giving without sacrificing your financial peace of mind. By setting a budget, getting creative with homemade gifts and decorations, and taking advantage of sales, you can enjoy both a festive and cost effective holiday season. Remember, the true joy of Christmas lies in the love and warmth shared with family and friends, not in the price tags attached to gifts and decorations. Cheers to a merry and budget-friendly Christmas!

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