Christmas is coming: How to save for the festive season

Christmas is just five months away, so if you haven't started saving for the silly season yet, you need to get your financial act together asap. 

December and January usually see a spike in loan and credit card applications, resulting in further budgetary constraints to your household in the long run. 

According to a recent Money-Stress Tracker survey carried out by DebtBusters, while financial stress has dropped in South Africa, 70% of respondents still worried about money. 

"Although the extent of financial anxiety is declining, the impact on daily life remains substantial. Of those experiencing financial stress, 91% felt it affected their home life, 73% their work life, and 73% their health," the report stated. 

It also found that women were more stressed about their finances than men.

"Women continue to bear a disproportionately higher burden of financial stress. Nearly three out of four female respondents reported feeling stressed. Women are around 10% more stressed about finances. They are 20% more stressed about work life, home life and health compared to men."

ALSO READ: Tips to grow your small business with no budget

Saving for December when you are already feeling the pressure is challenging. However, a few small changes can help you enjoy a decent Christmas.

Set a Christmas budget

Start your Christmas savings budget by setting a goal amount. Figure out how much money you will need for things such as:

• Christmas lunch/December groceries
• Presents
• Clothes
• Vacation spending 

Choose your piggy bank

Once you have your financial goal, decide how much money you need to set aside each month and whether you want to save it as cash in a piggy bank or make monthly deductions into a savings account. Whatever you choose, 

Cut out your "wants" 

Cut out unnecessary expenses from your monthly budget, especially things considered "wants". Do you buy yourself a coffee every day before or after work? That's a nice treat, but you could easily make coffee at home in a travel mug to save some extra bucks. 

Every cent counts. We might even be tempted to cut back on avocados because R40.99 for two is absolutely ridiculous in this economy. 

Stop eating out or ordering takeaways, and save that money for going out with friends in December. If you don't need it, don't waste money on it. 

Black Friday Sales

Plan smartly and save money by buying presents and stocking up on nonperishable foods in the months leading up to Christmas. This way, you won't feel overwhelmed buying everything at once in December. Make a list of who you want to buy presents for, and look out for Black Friday sales in November or Cyber Monday in early December.

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DIY Gifts

Speaking of gifts, you don't have to spend thousands or even hundreds of rands on a present. You can DIY gifts for friends and family. Personalised gifts also hold more meaning than the overpriced store-bought variety. 

ALSO READ: 7 great DIY Christmas gifts

Christmas lunch on a budget

If you are on a tight budget, consider having a bring-and-share Christmas lunch with family. Make a menu for the day and ask people to bring certain dishes. It is also less stressful for them as they don't have to prepare a full-course meal.

ALSO READ: Christmas: hosting guests on a low budget

Christmas is around the corner, which means it is crunch time as far as your savings are concerned. Being disciplined will help you reach your goals just in time for the festive season. 

You don't need to splurge on expensive gifts and meals to have an enjoyable holiday. In fact, that's the opposite of the true meaning of Christmas. 

Whether you reach your financial goal or not, pat yourself on the back for doing your best for yourself and your family.

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