Stick to your budget this festive season

There is some kind of freedom that comes with taking charge of your finances.

People say money changes a person and they are right.

But you have the choice. Would it change you for the better or for the worst?

You have a choice whether you want to live large and blow it or save for the future.

The silly season tends to make people overspend unnecessarily.

There’s only one way to ensure that you don’t fall into the trap and that is if you did not plan and budget for it, don’t break the bank for it. It will only land you in financial trouble.

One thing I’ve mastered over the past few years and I’ve shared my experiences throughout the year, is how to save money. I’ve come up with my own rules so that I don’t put myself under pressure.

Some people are happy to save the same amount throughout the year but for me, it doesn’t work.

I’ve learnt how to be Okay on a month when I can only save R400 instead of R600.

This is because there are months where I save on groceries and have, for example, an extra R400 in my pocket, which means I can save R1,000.

For me, it doesn’t really matter how much I save as long as I reach my target.

A few days ago, I reflected on my savings goals for 2023 – I took the 10c challenge which I will complete in a few weeks. I’ve saved just over R5,000 so far and at the end of the challenge I will have R6,679.50 in my savings.

I also set out to save R7,800 by December and met my target by mid-November and haven’t decided what I want to do with the savings.

As we wrap up the year, it also means we are a few weeks away from the New Year.

Our spending habits over the holidays must not leave us in the red in January.

If, like me, you have a big family and have a culture of buying clothes for Christmas and New Years, then walk with me.

These tough economic times mean we have to stretch our rand further.

What I usually do is the clothes I buy for my nieces and nephews for New Years and wrapped nicely as Christmas presents. I have been doing this for years and it has saved me so much money.

So, instead of buying an extra gift, wrap one of the outfits with a pair of shoes and give them to your loved ones as a gift and everyone’s happy.

There are certain commitments we have to make when it comes to changing our financial situation.

For me, savings are not just about money but learning and growing.

It is still OK if you want to stick to the same savings plan you had in 2023 in the new year.

My only hope is that you have learnt something – enough to help you make better financial decisions and commitments – from the columns on personal finance and stokvels.

Despite the economic challenges, I hope 2024 showers us with greater opportunities and we can save as much as we can.

And like I always say, in savings, you can make your own rules. When you fall, get up and start again.

Remember, it is your race – stay in your lane and go at your pace but make sure you finish in a better financial position than you were when you started.

See you in 2024!