Spend your bonus wisely this Christmas

IT’S almost Christmas and most people are receiving work bonuses.

The ‘thirteenth cheque’ can open a widow for most to overspend on gifts, and somehow that generosity can mean a debt hangover in the New Year.

Don’t spend all your money during the festive season. Here are some tips to help you get into the Christmas spirit without getting into debt.

Do it yourself gifts

Homemade gifts are a wonderful way to show someone how much you care. They can be personal, such as a photo album or a framed poem for a family member. Beautifully gift-wrapped home-baked cookies or hand-made truffles can be a thoughtful gift for the people who make a difference in your daily life, such as teachers, neighbours and babysitters.

Plan ahead

Put together a plan of when you will shop or make gifts and what you think you will spend.

Look at the total cost, not just the cost per person, and then readjust until you arrive at a figure you feel comfortable with.

Set a time limit when you go shopping and make the most of extended opening hours so you don’t get distracted or make impulsive purchases if you leave it until the last minute.

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Find the discounts

Many companies will offer discounts via their social media channels and catalogues.

Before you spend any money, do your research online to make sure you are getting the best deal.

Don’t forget to ask in person as well — many stores will have special promotions such as a ‘free’ gift with purchases, or will offer discounts if you buy more than one item.

Doing it for the kids

We all love giving gifts to children, but there comes a time in every family when giving gifts to adults seems a bit excessive. Most busy adults value time with their loved ones over and above any material possessions and receiving gifts, so why not skip the adults this year? Make sure you check with everyone that they are happy with that approach.

Have a spending limit

Whether you are buying for kids or adults, your significant other or your best friend, everyone benefits from having a clear spending limit.

Planning your own Christmas budget means you can enjoy giving gifts without worrying that some people may miss out, or the cost of buying presents will hurt you financially.

Make sure you talk with your family and loved ones about Christmas plans.

It’s not just a time for giving gifts, but for people to come together and celebrate what they have shared over the past year.

Planning ahead means you get all the fun of anticipating the festive season, as well as perhaps saving a bit of money along the way.

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