If there is one thing I've learned from my parents, it's budgeting, my dad to be precise. He is an economist, and even though he read business administration, economics was his best subject when he was in school. I do tell him economists are stingy and he will always argue with me that they are not, they are just good managers of money and finances. I know some of you will agree with that but I disagree though because I've met two economists that found it difficult to give out money. They are always calculative, that's the worst part of their behavior before they give out any amount of money, they will calculate the profit and loss.
It's Christmas in a few weeks and preparation is ongoing here in my family, we are already planning how to travel and the foodstuffs and goodies to take along. I can say we need budgeting in order not to overshoot our spending. My father can decide to be flexible a bit because it's Christmas but I'm sure it's not going to be regarded as overspending because it will be on something that is not that urgently needed but important which we will have to buy sooner or later. Debt is one thing I have learned to avoid because paying back at times is always difficult.
One thing I have learned that prevents overspending is spending according to your capacity, and not trying to impress anyone. That is the safest way to avoid debt, "cut your coat according to your size", this festive season, it's going to be according to my financial capacity. I am not going overboard to get anything done, I will do the ones I know I'm not going to feel the brunt after the celebration. Many want to be given accolades thereby going the extra mile all in the name of celebration, well that isn't wise. One way to be on the safer side during this celebration period is to spend according to one's capacity.
Another way not to overspend during this season is by making use of a scale of preference. This is a very good way to plan your budget. List the things you need to spend on according to their importance and urgency. This is where many miss it, lots of people don't know the difference between "want" and "need", they take the two to be one therefore spending unnecessarily. A scale of preference will help you identify your want and your need, the one that needs to be attended to first and the one that will be left for some other time. In order not to drive myself into debt this festive season, I will work with a scale of preference.
Another point that I'm sure could reduce overspending this festive period is learning to say no to people. People have this mentality that once it's the festive season, you have to enjoy yourself to the brim and not hold back from doing or spending unnecessarily. Well, that's a big lie, it's this season one has to spend wisely to avoid paying back debts after the festive season is gone. Friends and families will want you to spend beyond your budget by sugar-coating less important reasons why you should spend or why you should enjoy yourself then after the holiday and they have gone back to their various destinations, you will be sulking in debt. Learn to say no to unnecessary spending and you will not drive into debt.
These are the ways I've planned to budget my spending this holiday period so that I won't have any reason to regret my spending decisions after the holiday. This is just the best way to avoid debts that will lead to unnecessary pressure after the holiday.
Thanks for your time and your comments will be appreciated.
