Having (and sticking) to a budget can be hard during the festive, but it’ll help you not spend money you don’t have or shouldn’t spend. Here are 4 budget hacks to help you out.

Write down your budget

Start by writing down your budget and keep it within reach, especially when you’re going out. Make sure that it’s realistic so that you don’t have to adjust it as you go, which could cause you to overspend. Be clear on how much you’re willing to spend on everything- for example, transport, groceries, etc. Every cent has to be accounted for.

Keep track of your spending

Once you’ve finalised your budget, you need to constantly keep track of it. Be intentional with your spending by literally ticking off your list when you spend and stating if you went over budget. This’ll help you know if you need to adjust your budget or if you’re still on track. Plus, it’ll encourage you to spend according to your budget. Make it a point not to spend without referring back to your budget list- this’ll prevent impulsive spending.

Separate your money

Try and keep your money separated according to your budget. If you use cash, you can use marked envelopes for each category on your budget list. And if you don’t like carrying cash, you can use various digital cash envelopes. Doing so will help you not to overspend because once each envelope runs out, you’ll know you can’t spend any more money on that category.

Set a December limit

Have a set spending limit for all your December spending. Keep it in mind as you spend so that when you use money, you’ll know how much is left for you to spend. This’ll help you to not spend unnecessarily because you’ll have to spend according to your limits. To make things easier for you, you can also set this limit on your banking app.

It takes a lot of discipline and dedication to spend money responsibly. Remember that festive spending isn’t worth getting yourself into debts that you could otherwise avoid. Don’t allow people’s behaviour during this season to make you lose sight of your financial goals. Cheers to financial freedom!

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