The holiday season is with us and so is the pressure of spending. During the festive season and similar ones beyond, there are many adverts whether visual, print or thru social media encouraging us to engage in the usual practice of “shopping ‘til we drop” at the screens of our laptops, phones and other electronic devices. As much joy as generous gift giving can bring, not budgeting properly can have subsequent financial shock. But your holiday shopping doesn’t have to get the best of your emotional and financial health this season. Before heading into the stores or on the Internet to make purchases, consider these five tips to manage your holiday spending.

1. Set a Budget

Start with setting a budget that works well for your wallet. Write a list of the people you want to buy gifts for and the amount of money you would like to spend. Also include any parties and/or functions that you may be attending for the season as most likely there will be some sort of cost involved. Plan this Holiday budget with the rest of your monthly/annual household budget, so that you can manage the overall effect the season’s spending will have on your finances.

2. Personalize Your Gifts

This year, instead of spending money on purchasing store or online items, you should consider giving homemade gifts such as crafts and baked goods to families and love ones.

3. Be an Online Scrooge

When you’re shopping online, you should look for ways to save every penny you have. Instead of searching one retail store, it is ideal to browse through the web. Use coupons or promotional codes, if you have to save more. Also, shipping can pump up the total amount you spend so it is advised that you look for days in which shipping is free or consider using options like Amazon Prime.

4. Giving to Charity

Always be a generous giver and consider those who are less fortunate for it is in giving that we receive. This season spread the Holiday joy by giving back to the less fortunate and those in need. Monetary contributions, volunteering your time and/or giving to others are good ways to show appreciation.

5. Preparing for New Year

Once this season is done and over, you should start preparing for next year. Arrangements for this season’s spending should have been done prior. However, things can sometimes happen that are out of our control during the year. Use 2020 as a time to focus on not just fixed income from jobs and contracts, but also look for passive income through e-commerce and other businesses. This way your finances would be more manageable going forward.

We the KAW Family would like to wish you a Merry Christmas and a Prosperous New Year!!

Remember that any comments and queries can be sent to us at kaw@kawmanagement.com and info@kawmanagement.com or visit our website at www.kawmanagement.com.