Since you have put your thoughts on paper, budgeted and followed our advice and hints, you are definitely satisfied, tranquil and happy. Great news: you have won too because whether it’s for something specific or for the future, you have saved this Christmas and you have put money aside.
However, if you are still in the middle of the Christmas Shopping spree and new to our website, just take a look at our previous posts with plenty of simple ways to make significant savings this Christmas and on your regular spending. For those who have already finished their Christmas shopping and the shopping malls are still their one destination of choice, they can still go through our little hints and tips that make a difference.
With so much available, desires grow exponentially. We will not be repeating about spending wisely. In our two previous posts we have underscored its importance. We will just emphasise some key points for those who are new to our website. The hints and advises make you aware of yourself and the world to cut down on impulse spending and put money aside.
- Think! What is the use of putting stuff in trolleys you don’t even want, and throw after a week? How many toys do your children still need?
- Stick to buying only what you need, for whom it’s necessary.
- Maintain the discipline to wait. Sales increase dramatically just the day after Christmas! Even some festive food items will be heavily discounted!
- Save the wish for another time.
- Look out for the deals, you’ll greatly reduce your budget while buying the same gifts/items.
- Go for thoughtful practical gifts. They are more appreciated and will surely be used other than placed in a cupboard.
- Stick to your budget. Never go overboard – buying gifts for the sake of it and spending money like there is no tomorrow.
- Keep in mind that while a big budget certainly widens the field of potential gifts, it doesn’t guarantee satisfaction. https://money.usnews.com/money/blogs/my-money/2012/12/05/the-4-most-popular-ways-to-save-on-christmas-spending
Remember : To help you better understand what you can truly afford to spend and what your spending means in terms of money, it might help you to calculate how long you would have worked to be able to purchase that item. For example, a jersey that costs €80 would have meant approximately 11 to 12 hours of work if a person gains €7.50 an hour gross of tax and national insurance contributions.
Think before you act.
Do not wait to run short of money to stop buying, keeping in mind also your numerous hours of work. It would be too late for, money spent could have been used to pay for needs and you will never get this money back; money saved would mean you are set to part with more cash in January. After all, the season is about spending time, not money, on the friends and family who mean the most to you. http://theprovince.com/business/personal-finance/how-to-spend-money-wisely-while-christmas-shopping-tips-for-teens
Furthermore, with the hustle and bustle of Christmas, you tend to forget a special gift you can give to yourself. This year, there’s someone new to add to the gift list: your future self – for all those Christmases to come. The present can be a lump sum in KiwiSaver or another managed fund, or even a gift of paying off debt you’re carrying, which also puts you in a better place for Christmas into the future… It helps to run some numbers to get an idea at first, and get quality advice for some support as we make choices and plans to keep Christmas well into the future. https://sorted.org.nz/must-reads/how-about-a-gift-for-your-future-self/
You surely never thought of the accumulation of a retirement egg nest as a gift to yourself. If too much is spent and too little saved, the quality of your future life will be diminished and will produce little to none earnings for retirement. Saving means using income in such a way that there will be more money available in the future for future purchases or needs. This practice is most obvious in planning for retirement. We are all aware of the fact that our income/gains will decrease upon retirement. The truth is that in order to maintain your present standard of living, you must set aside a part of your income on a regular basis to build up retirement egg nest.
The simplest way to save, of course, is to put a sum of money in a savings jar and continue adding to it regularly. However, money saved in this manner is not being put to use and its value would decrease since what costs €30 nowadays, would cost much more in twenty years’ time. Money put aside and kept idle is not earning interest and thus, it’s best to be invested to produce earnings at some future date: Putting money to work. The ways money can grow are many.
Thus, keeping track of your festive spending is two-fold: the best way to avoid going over your budget this Christmas, and having money available to even start saving for your future, for your retirement. The only thing to keep in mind is that this more-thoughtful gift to yourself requires more effort than just a gift for Christmas.
The Retirement and Financial Capability Group tries it’s very best to provide an indispensable tool to ensure the readers’ continuous growth to which you can go back and forth again and again. The group believes that their viewpoints matter because their viewpoints might well be your viewpoints too.