The exciting, sparkling, festive year-end season is upon us once again. Between gifting and holiday parties, office celebrations and family traditions, your wallet can feel the holiday squeeze. Here are some ways you can enjoy the holiday shopping spirit without burning a hole in your pocket:
- Set a Realistic Holiday Budget
Being able to buy everything you want without blowing your savings starts with a budget. Be realistic about the things you need and the people you want to give gifts to. Cross-reference the list with your essential expenses such as rent, utilities, savings, mortgage, groceries, etc. This will help you avoid overspending and experiencing undue financial stress.
- Create a Thoughtful Gift List
People sometimes conflate the quality of gifting with how expensive the gift is. But you can create invaluable memories by making something special or finding something very personal without draining your bank account. Make a list of all the people you wish to buy something for. Consider their hobbies, preferences, and interests. Then identify inexpensive ways you could make them happy. For example, cooking for someone, making a memory scrapbook, or thrifting to find something they would enjoy.
If you have a large circle of family, friends, or colleagues, you can opt for a fun game like Secret Santa or White Elephant, which can cut down the number of gifts you will have to buy. For gifts with a heftier price tag, pooling group resources can also help.
- Avail of Rewards and Offers
This is the perfect time to check your credit card rewards and points. Great credit cards like SIB One Credit Card offer unbeatable rewards that you can tap into during the holidays. Many banks also offer exclusive holiday deals that can come to your rescue.
- Consider a Gift Card or Voucher
If you’re uncertain of what to buy someone, you can also look into a gift card. This way, they can buy something they truly need or find useful around this time. SIB Prepaid Gift Card is a convenient alternative to cash and gives your loved ones the freedom to choose what they desire.
With a little bit of planning and creativity, you can celebrate the holidays and create meaningful memories with the ones you love without overspending. Happy holidays!
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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.