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Thursday, December 10, 2015

How to Save for the December Holiday

The Christmas Holiday is here with us, the jingle bells are ringing already, and many people are looking forward to spending quality time with their family and friends. The truth is that for you to enjoy this holiday and any other, you need to have money. Not just money, it has to be enough or else you will live with embarrassment or in-imaginable debt. Avoiding these two, will require some smart spending on your part.
Accordingly it is always wise to save for the December holidays because there is always a cost that comes with the season. Whether it is traveling upcountry, or attending a social function, you will always require to have some money.
Given that saving itself is not an easy task and most of these promises we make to ourselves that we are going to change the situation often remains at that level, I would like to look at 3 tips to help you save for and during this festive month.

3 Saving tips to Guarantee Holiday Celebrations

1. Make use of off peak hours

If you are daily commuter across the urban centers, you have probably noticed that the fares are very expensive during rush hours. In the morning, leave very early and in the evening leave slightly late to avoid the peak hour rush.
That 30 or 20 shillings savings fare saved, per trip, may seem like a small measure, but it will pay off in the long run. For example if you use two matatus to and from work every day. It means you are making 4 bus trips. Multiply that by Ksh. 20 and you get a saving of 80 shillings daily. In 24 days a month that’s already 1,920 shillings saved.
Traveling to up-country can be made much earlier or just after 25th and making sure you come back earlier (generally before New Year). Delay a bit and you will surely pay double.
Fares always consume a great percentage of our income without even noticing. At times such as this, every coin counts.
2. Stop unnecessary spending

I know this is one of those things which are easier said than done. It requires discipline to avoid some unnecessary expenditure, especially the things you have got so used to that you start to think they are part of your life. Are you that kind of a person who likes to treat themselves to pizza, groundnuts, ice cream or soda? As the festivities begin, it will be wise to pause all that and save this money for the holidays. Spoiling yourself will follow in the next few days.
Impulse buying is the number one reason many people find themselves totally broke just days after payday. Resist the urge to make unnecessary expenditures and you will be smiling when you check your bank account during and after the December holidays.
3. Start saving early enough

Realistically speaking, if you haven’t been saving the rest of this year, there is absolutely no way you can make up for it now. In case you intend to enjoy the festive periods, you may want to start your saving as early as January.
Early saving will spare you the pressure that comes with the huge holiday expenditure because you will have a set plan and you will be spending within a budget.
To avoid the January blues, you need to make realistic holiday plans. If you do not have money to travel, upcountry or to the coast, you may want to pick a fun, less costly activity to indulge in.