The festive season can be overwhelming, so take some time to think of your finances to avoid those Januworries.
We’ve all experienced it: the excitement of the holidays results in the inevitable urge to splurge. Because KeDezemba, right? From buying gifts to attending endless social and family events, it’s easy to get caught up in the festive spirit – often at the expense of your financial well-being. The result? The dreaded financial hangover known as ‘Januworry, where the reality of overspending sets in, leaving you stressed out as you enter the new year.
But what if this year could be different? Where, instead of dreading the arrival of 2025, you could look forward to it with confidence, knowing that your finances are in order? The good news is that by adopting a few smart financial strategies, you can enjoy the holiday season without breaking the bank. Here’s to starting 2025 on a strong note!
1. Start with a budget – and stick to it
The key to avoiding Januworry starts with creating a realistic holiday budget.
This isn’t just about setting arbitrary limits; it’s about knowing your financial situation
and planning accordingly. Begin by calculating your monthly income and subtracting essential expenses like rent, groceries and debt payments. What’s left is the amount you have to work with for holiday spending.
Now, break down your holiday budget into categories: gifts, entertainment, travel and eating out. Allocate a specific amount to each category and, most importantly, stick to it. If you’re tempted to go over budget, remind yourself that every rand spent now could mean cutting back on essentials in January.
2. Make a shopping list
Impulse purchases are one of the biggest threats to your holiday budget. It’s easy to get swept up in the festive atmosphere and make spontaneous buys that you later regret.
The solution? A well-thought-out shopping list.
Before you hit the stores or start browsing online, make a list of the gifts you need to buy – prioritise meaningful gifts that fit within your budget and that the recipient will actually use. When shopping for groceries, plan your meals in advance and only buy what you need.
By shopping with a list, you’re less likely to be swayed by treats, holiday promotions and discounts on items you don’t actually need.
3. Shop smart
Timing is everything when it comes to holiday shopping. Retailers are aware of the festive frenzy and often inflate prices before offering ‘discounts’ during sales. To truly save, start shopping early. Black Friday in November and Cyber Monday (early December) can be good opportunities for deals, but make sure you’re actually getting a bargain by comparing prices beforehand.
Take advantage of rewards programmes and cashback offers. If you’re planning on spending, you might as well get something back. Some credit cards offer cashback or points for purchases, which can be redeemed later (in this instance, in January). Just be sure to pay off your balance in full to avoid interest charges.
4. Spend from a savings plan
Now is the time to start saving for next year’s holidays. Setting aside a part of your income can make a big difference. Open a dedicated savings account for holiday expenses and arrange a debit order for it each month. This way, you’ll have a buffer to cover any unexpected costs that arise during the festive season.
If you receive a year-end bonus, resist the urge to spend it all. Instead, allocate a part to your current holiday budget and save the rest for January. This can help you cover any financial shortfalls and start the new year with a sense of security.
5. Cut back on non-essentials
December is often a month of excess, but that doesn’t mean you have to sacrifice your financial health for the sake of indulgence. Look for areas where you can cut back without compromising your holiday experience. For example, host a bring-and-braai instead of shouldering the cost of an entire meal yourself. Think about social activities that are fun but don’t hurt your pocket. Instead of attending every social event, prioritise the ones that matter most to you.
6. Plan for January
The best way to beat Januworry is to plan for it in advance. Start by setting aside a part of your December income to cover January expenses. This might mean cutting back on some holiday spending, but the peace of mind you’ll gain will be worth it.
Consider postponing certain purchases until January when the post-holiday sales begin. Retailers often offer significant discounts after the festive season, so waiting could save you a lot of money. You might also have scored when Santa dropped his gifts, meaning you don’t double-up on purchases.
7. Make a financial New Year’s Resolution
Finally, use the start of the new year as an opportunity to set financial goals – even if it’s just one big goal. Whether it’s paying off debt, building an emergency fund or investing in your future, having a clear plan can keep you motivated and focused.
Set up a monthly budget, keep track of your expenses and find areas where you can save. By making small changes throughout the year, you can avoid the financial stress that often accompanies the festive season – and say goodbye to Januworry for good!
By: Dylan Muhlenberg
Photo: Gallo/Getty Images
