Most of us are filled with enthusiasm as Christmas approaches, starting as early as beginning of November, only to be dismayed to find that many of us would have spent a good proportion of our salary, if not all, for gift giving or partying. This would eventually mean starting the new year with a tight budget or with a feeling of guilt for having spent all that money.
The reality is that while the majority of us budget, Christmas expenditure tends to be omitted or taken for granted. Much research in fact outlines that presents, Christmas nights out and festive food all add up to amazing amounts spent.
Exchange of gifts is one of the oldest traditions and has remained a central feature associated with Christmas yet, at the same time, such custom can be substituted or reflected upon for wiser prudent decisions. Other than an unwanted / unnecessary present, at times, a family dinner just does the trick. In addition, family gathering would mean quality time together.
Exagerated spending may result in negative effects on health, happiness and performance. It is not uncommon come January that you hear remarks such as:
- I wish I had budgeted
- I cannot come out during January as I spent my salary during Xmas and the New Year partying
- I wish somebody had pointed out to me that I could have planned for Xmas by making use of sales during the year
- I got shocked on receiving my credit card statement as I spent freely during the festive period.
As you can see, unplanned spending during the festive period will most likely result in level of spending that could have been avoided if you plan and budget your Christmas gifts and festivities partying. Be responsible this Christmas – plan and spend wisely.