All of these usually require lavish spending that make many young people blow through their savings. By the time the year is over, most people are broke, penniless and in debt by mid-January.
You can avoid becoming a cautionary tale by doing the following:
- Create a budget and stick to it
Yes, we know it is December, the time for 'parte after parte' and no one wants to think about something as 'boring' as a budget but you have to if you do not want to run out of money.
So, create a budget for the remaining weeks of the month and January. Make sure it covers everything from food, gifts to concerts. Now all you have to do is follow it religiously.
Who wants to put money away when everyone is having a good time spending their money? Nobody but it has to be done.
Set aside a portion of your salary (30% - 50%) so that you have something to turn to later.
Every time you go out, you spend money on transportation, food, tickets, clothes and a bunch of things you could have avoided if you simply stayed at home.
Thanks to social media, you can watch almost any show online from the comfort of your home so you are not really missing much.
Eating out is always fun but it is not worth it if you end up spending all your money on food. To save some money, try eating more home-cooked meals.
You can make it fun by having friends come over with some ingredients and having a cookout. This way, you get to have relatively cheap, good food as you have a swell time with your friends and family.
One good thing about the holidays is that shops, spas and restaurants are always giving discounts. So, be on the lookout for these Christmas freebies so that you can buy things you need (not want) and have fun on a discount.