Once again, the festive season is upon us and 2023 is about to breathe its last. It’s been a long year for many of us, and Christmas, as usual, is the time for unwinding. It is a time when people splurge on things as a reward for making it through the year. There’s music in the air, enough food to go round, decorations are put up, sales and gift exchanges are happening, and everyone is jolly. 

But while it is great to unwind, it is important to remember that January has 59 days and you have financial goals to meet. You don’t want to start the new year broke or in debt. So this week,  we’re sharing tips on how to enjoy your December on a good budget and prepare your finances for 2024. 

Make a budget and stick to it

It is important to create a December budget and stick to it. When creating the budget, include everything you would spend money on this December, such as donations, gifts, Christmas decorations, transportation, clothes, drinks, and groceries. The goal of having a December budget is to help you plan your expenses to avoid spending above what you can afford. 

Find cheap but great restaurants.

This is not the time for you to spend ridiculous amounts of money on restaurants or foods. There are cheap restaurants and lounges that offer great food and aesthetics. All you need to do is research, visit food bloggers’ pages on Instagram or TikTok and find restaurants that serve tasty meals at affordable prices. 

Organise get-togethers with your friends.

Have little get-togethers in the comfort of your home. This is the best way to catch up with friends and family members you haven’t seen in a while. The best part is that you get to have actual conversations and spend more time with them without the wandering eyes of people or raising your voice and straining your ears over loud music. Here’s where it’s financially responsible: you don’t have to pay for much. Everyone brings a snack, drink and game, and there you have it: fun from the comfort of your home.

You can’t attend all the concerts in your city.

If you make a list of everything happening in December, chances are that the majority of them appeal to you. But that’s not true; a lot of the time, it’s our fear of missing out that pushes us to go to events. It’s more financially responsible to choose a select few concerts and events and stick to them. This will also save you from burning out after. 

Invest in thoughtful gifts.

Homemade presents are great ways to save money while creating something memorable. These gifts might not work for everyone on your list, but they’re good options for some. The gifts could be anything from a photo book to a bottle of wine they like. Or cook them a meal, help them around the house or take them somewhere nice for a change. You don’t need to outdo yourself or anyone else to show appreciation. As they say, it is the thought that counts.

Secret Santa helps you to save costs

If you work in a large organisation or have a large family, buying gifts for everyone can make you spend above your budget. A fun, easy way to get around this is to plan a Secret Santa gift exchange. Everyone draws a name without telling who it is and buys just for that person. Usually, a moderate spending limit is imposed, and the element of surprise at a gift exchange time adds to the fun. 

Prioritise needs over wants

We all love a bit of indulgence during the holidays, but distinguishing between needs and wants is key. Prioritise essential needs over extravagant wants. Remember, the season’s value lies in creating memorable experiences, not in draining your wallet on expensive things.

Take Advantage of Discounts and Sales

Shopping during the holiday season doesn’t have to break the bank. Keep an eye out for discounts, promotions, and sales. Plan your shopping around these events to maximise your savings. Online shopping can be your best friend, with various platforms offering exclusive discounts during this time.

Limit Unnecessary Travel Expenses

If your plans involve travel, consider cost-effective transportation options. Better yet, celebrate closer to home to cut down on unnecessary travel expenses.

Avoid loans; don’t start January with a negative Balance.

There is the possibility of the Amapiano getting into your head during the festive season, pushing you to go above your budget. It could also twist your mind into borrowing a few thousands. While Dorime might be sweet, it is important for you to think about how you will meet your financial obligations when they are due, especially January, with 59 days. 

Gift yourself a Rise plan

There are many ways you can flex Detty December without ruining your bank account. And now that we’ve helped you save some money this December, here’s how to make most of it— gift yourself a Rise plan. Our plans are made up of high-quality US assets like stocks, real estate and fixed income. As a dollar-denominated company, your returns are paid in dollars, hedging your investments against inflation and devaluation and helping you build wealth. With our auto-invest feature, it is easier to stay consistent to your investing goals even when you forget.

Remember, after detty December comes dry January, so ensure you have a clean and happy celebration.