As families around the country prepare to mark the end of Ramadan, planning for festivities on a budget can pose a challenge. It’s fun to travel, shop, exchange gifts, cook,and feast with your loved ones, but it’s also costly.
Embracing the spirit of togetherness and tradition doesn’t have to break the bank, however, notes JustMoney.co.za, a platform that helps South Africans make good money choices.
“Creativity and careful budgeting can enable families to plan memorable celebrations without over-straining their budgets,” says Sarah Nicholson, operations manager of JustMoney. “We’ve compiled a list of tips to help families make the most of their holiday celebrations without splurging and getting into debt.”
These are as follows:
- Create a budget and stick to it. Determine the total cost of the celebration, set a spending limit, allocate funds, and consider cost-saving measures, such as buying in bulk and splitting expenses with family members.
- Make use of JustMoney’s handy budget calculator.
- List the people for whom you wish to buy gifts, and decide what type of presents to get – or better yet, make – if you have the time and you’re feeling creative.
- Plan meal prep for significant days. Draw up menus and shopping lists, buy non-perishables ahead of time, and freeze items such as meat. Local, in-season fruits and vegetables are cheaper than imported items.
- Never grocery shop when hungry. This golden rule applies even more if you’re fasting or avoiding particular foods.
- Look out for sales, discounts, and special deals, such as ‘buy two get one free’.
- Avoid using credit recklessly, whether through store accounts or credit cards, or taking out loans. It’s vital to spend consciously and avoid racking up bad debt.
- Check your bank accounts regularly and report unrecognised transactions immediately. Unauthorised charges, and reports of lost or stolen cards, increase significantly during holidays.
- Avoid expensive bank fees by drawing cash at retail store tills or using your own bank’s ATMs only.
- Bake at home – it’s a great way to be creative and save money. Ask relatives for tried-and-trusted family recipes and start your own traditions.
- Make your own decorations. You can search online for concepts and templates.
- Host potluck gatherings. Ask each guest to bring a dish for a festive meal. Besides saving money, these dinners are a time saver when shopping, cooking, and cleaning up.
- Educate your children about money and the cost of living. Get them involved and teach financial responsibility. Family celebrations are a great time to do this.
“By following these simple steps, you can save hundreds of rands and avoid the stress of last-minute shopping,” says Nicholson. “Overspending and potentially getting into debt detract from the true meaning of the holidays, which is about reflection and connecting with others.
“Focus instead on spending quality time with family and friends, and creating memories, instead of depleting funds.”
- Read a JustMoney article on leaving a financial legacy for your loved ones.
JustMoney.co.za is a trusted voice within the personal finance sector. The JustMoney platform offers articles, money management tools, and a wide range of financial products and services. More than 450,000 South Africans subscribe to the free credit score platform to stay informed and become financially savvy. Subscribe here.