step 1 – Your income for December and January – Your take-home pay after taxes and social security contributions deductions. – It is highly important to know your cash inflow in relation to your expenditure.
step 2 – Your budget for the festive season – How much do you intend to spend this festive season? Insert an approximate figure.
step 3 – Think – Are you going to tap into your savings (saved all through the year with a lot of sacrifice) to pay for some or all of your purchases? Is it wise? Is it really worthwhile?
The festive season consists of a myriad of expenditures, many of which are taken for-granted and are not seen as costs. Cells E15 up to E26 guide you to a list of expenses. Each area of expenditure is dealt with separately (meaningful gifts, food and beverage, decorations, among others) for you to track where money is being spent. All these individual expenses fit together into the whole budget.
Actual amount spent is summed up automatically under the heading – My Spending Plans
Amounts in cells E9 (My Budget for the Festive Season) and E11 (My Spending Plans) can be compared.
– Are you over budget or under budget? If your spending plans (E11) exceed what you would have budgeted for during the festive season (E9) the budget is said to be in deficit.
– Will you borrow the difference? Will you work overtime to increase incoming money? Will you forgo one thing and choose another? – Will you review your plan and decrease expenses?
- The calculator allows you to organise, manage, control your spending and identify ways to lessen these expenses.
- Take into account measures you can adopt to save, await sales, keep the credit card at home and shop using cash, prepare a list, stick to the list, refrain from buying things on the impulse of a moment. Follow our festive calendar hints and tips.
- You cannot ignore monthly expenses like internet, communication, bills, rent and other daily expenses. Fixed expenses need to be paid and if not paid, bills are accumulated so is interest on unpaid bills.
- Do not just download our calculator and save on you desktop for future use. Use it. Your ultimate goal is to budget carefully and wisely this festive season and for the many to come. Remember determination and readiness – Start early – Start now!