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It is true that this season is remarked for celebration, sharing of love, joy, etc, but a lot of people, because of the Yuletide, tend to strain their pocket to buy things they do not even need, either because others are buying them or just to show off. Some others have resorted to impulse buying and have been excessive in their spendings without considering the potential effects it will have on their finance. Here, we shall take a look at some of the steps that one can take in order to avoid spending unnecessarily and excessively in this season.
The first step towards fashioning your spending lifestyle is to have a budget. The need for having a budget cannot be overemphasized. If there is nothing guiding your financial activities, you may see yourself taking actions or decisions that will hamper your pocket. During this festive season, you should be able to make a list of what you want to buy and their order of priority, for example; the food you will eat (which is a necessity) should be favoured over the decorations of your house for the celebration or the gift that you will buy for others. Of course, you have to eat first before you think of other things.
So your budget should take "needs and wants" into consideration and make provisions for them accordingly. You should be able to give yourself a spending limit, otherwise you will see yourself buying things unnecessarily. So what a budget basically does is to tell you what to spend on and how to spend. But much more than that, you have to also make the budget to be realistic and logical, so that it will not serve as a discouragement to you. Of course, if you draft an impossible budget, you will not achieve anything positive with it. In fact, you will just abandon it and might even be more excessive with your spendings. So make your budget achievable.
The next step to guard against overspending is to develop the discipline and ability to say "no" when faced with unwholesome financial pressure. Friends and family may come with financial demands that you may not be able to fulfil or which will put an unnatural strain on your pocket, so you should know when to step aside. If you cannot afford it, do not use sentiments to force yourself to do what you do not have the ability to do. Trust me, if you go broke trying to please everyone, they may not be able to help you out or to find your feet - so beware. After all, you are to spread love, not to incur debts. It makes no sense to borrow just to fulfil unnecessary financial demands of someone that may not even care about your finances.
The next step to limit expenses and avoid overspending this season is to compare prices before you make purchases. Something adorable and eye-opening happened some days ago. I went to buy some somethings in one of the popular malls within the neighbourhood. The mall has so many shops right inside it. So I walked into one of the shops to buy some drinks that I would take home for the celebration. Right in one of the shops, the drink was sold at an incredibly high price because of how the place was decorated. But in the other shop just almost opposite it, it was sold at almost 30% off. Same drink, same mall, but different prices. Of course I went for the cheaper price and I got more for lesser price.
You need to understand that price comparison is among the very potent tools to avoid overspending. Also, if what you want to buy for the festive season celebration has a cheaper alternative, you can consider going for it. There are also sometimes where a particular product might be on discount, but you will not know if you have not compared prices. So before buying, there is a need for price comparison if you want to get the best available price.
The last step to follow in order to limit unnecessary expenses especially this season, has to do with checking your social life. Try to avoid social pressures from people that put you in a situation that prompts you to spend outside your budget. If going to certain places or being in the company of certain individuals will make you to undertake some regrettable financial actions, then it is in your best interest to avoid them.