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Ensure you start the New Year financially fit with these festive money management tips

by , 21 December 2015

The festive season is just around the corner. This means long and expensive shopping lists for food, drinks and gifts.

But before you start buying, you need to give your finances the once over. You need to ensure that you manage your money for December and into the New Year.

Let's take a closer look…

 

Festive money management tip #1: Your December pay


Chances are you’ll receive your wages earlier than normal in December due to the holidays. But if you receive your pay monthly, you need to make this last about six weeks until the end of January.

So the first thing you need to ensure if you leave enough money in your bank account to cover all your payments and debit orders coming off until your January wage. This is a vital festive money management tip.

Only once you’ve done this will you know how much money you have to spend over the festive season.


Festive money management tip #2: Don’t spend what you don’t have


Don’t let the festive cheer lead you to start piling items onto your credit card and store cards. This is going to make your New Year much more expensive when the bills come in.

Try to stick to a strict budget that is affordable to cover all your festive season spend.


Festive money management tip #3: Don’t use money that’s earmarked for other things


Don’t let the pressures of the festive season lead you to cash in long-term investments you have or money saved up for other purposes. Leave these well alone.

Think about the coming New Year and how you’re on track with your financial goals. Splurging now will have a negative impact on this.

So there you have it. How to ensure you start the New Year financially fit with these festive money management tips.

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Ensure you start the New Year financially fit with these festive money management tips
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