5 Clever Ways to Spend Your December Salary Wisely

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December Holiday is the most anticipated time of the year. This is the season where everyone gets excited about spending quality time with family and friends. But, as most people say, December has more than 60 days and no one wants to enter the new year broke. Ahead of the Christmas celebrations, most employers pay salaries earlier between the 14th and 20th day of the month to fuel your ability to shop for gifts for family and friends, personal clothes, attend parties among others.

The most exciting news is when you have a tidy bonus coming to you for all of your hard work this year. Words are not enough to describe the joy of knowing that all your expenses are covered with the extra cash.

But remember you need to have a plan so you don’t overspend. You don’t wake up in a few days and realize that all your money is gone.

Here is what you shouldn’t do.

  • Don’t overspend on too many Christmas gifts for family and friends.
  • Don’t overspend on electronics and clothing for yourself.
  • Don’t plan your finances around the same bonus showing up next year.

Now that you know what you should avoid doing with your Christmas salary, here are 5 clever ways to spend your income wisely and still have the best holiday;

1. Keep the Bulk Out of Sight

Before you do anything, put the chunk of your money out of sight and out of mind until you know exactly what you want to do with it. That means moving it right into your savings account. You don’t want to make it easy for yourself to whip out your debit card and blow all that money on a whim.

The best way to go about this is to have a budget. Plan out how much money you are going to spend on Christmas clothes and gifts and make sure you have enough to keep in your savings account.

2. Clear Your Debts

Personal loans and credit card debt have high-interest rates, which means you should keep them to zero if possible. So, your first priority is to pay off any outstanding debt you have.

If it’s an item you bought previously that you haven’t completed payment for, clear the debt now before you spend all your money and you are not able to pay it. . With these debts out of your way, you can have a much more enjoyable and peaceful holiday.

3. Avoid Impulse Buying

The best time to shop for Christmas is early. Purchasing in advance is a good idea especially because prices of items during the holidays shoot up. The problem of many during this time is the temptation to buy something on the spur of the moment. To avoid impulse buying, here is what you need to do;

Stick to your shopping list and don’t browse store windows or shop for fun.

Don’t make purchasing decisions when your judgment is impaired by influence like alcohol.

4. Wait for Sales and Discounts

Good news is, during the festive season, many shops hold sales and discounts mainly to clear their stock ahead of the coming year. If you know you’ll need a particular item but don’t need it, wait until you can find a coupon for it.

Only use a coupon or take advantage of a discount for an item you absolutely need or decided to buy before you came across the discount. To shop owners, the attraction of a cheaper price is an easy way to get customers to buy something they don’t need. Caution! Do not buy what you don’t need because prices have been slashed. Only buy what you need.

5. Have Fun with Caution

With all the energy and hard work you have expended all year, this is the time to let go and have some fun. Think about what will make you the happiest this season. Perhaps you could splurge on a massage, take a weekend away with your sweetheart or have a nice dinner out.

As long as your finances are zipped up, you can spend up to 20 percent of your overall salary in pursuit of some relaxation time. If a spa treatment is not in your budget right now, you can try eating from your favourite restaurant or simply spend time with your family and friends.

What more can you ask for than a fun-filled holiday season with friends and family, away from all the work hustle? This is why you need these tips to plan your Christmas in a way that does not eat heavily into your account.

We wish you a very Merry Christmas and we can’t wait for you to tell us how you spend this year’s holidays in 2019.

Thelma Martina Parker
Social Media and Community Marketer at Jobberman Ghana || Blogger || Motivator || Radio host || Singer|| "There is no substitute for hardwork. Never give up. Never stop believing. Never stop fighting".