It's that time of the year again when we give gifts to each other and eat to our heart's content.
With at least one month to go before Christmas, you'll be surrounded with endless parties, gift-giving, shopping, plus other things which would require you to spend a lot.
On top of all that, you still have your usual bills to pay.
The question is, how will you be able to budget your salary and 13th month pay?
We're sure just talking about the things that'd empty your wallets in a hurry is already giving you a dose of pre-holiday migraine.
This is why we're here to give you some tips on how to save up your precious cash in time for the season for spending:
Set aside your monthly savings
Start by keeping at least 10 percent of your money in the bank.
According to financial advisor Melissa Gaton, earmarking a percentage of your salary might seem small at first, especially at 10 percent, but you'll see its growth by the time you're about to use it.
Budget your money
"Keep it in different containers and label them," says Gaton. Knowing where you're supposed to put your money will keep you from spending too much on things you don't really need.
Stop eating out
"Opt for a packed lunch or just eat your dinner at home," Gaton suggests.
"Eating out might seem cheaper than bringing your own lunch but if you try to compute it, you're actually spending way more than you should," she added.
It's also a good idea to bring your own water bottle so that you can just refill it in your office if you're thirsty instead of buying a bottle of water just to quench your thirst.
Limit your gimmicks
Say no to your friends first. Though you might miss out on the fun, at least you won't be broke by the time Christmas arrives.
"It's not only good for your health but it's also good for your finances," says the financial advisor.
Commute, don't drive
Though it's more comfy, riding Grab or Uber costs so much that you might as well just fill up your car with gas.
"Commuting is not only cheap, but it will also get you to your destination quicker," according to Gaton.
Don't bring large amounts of cash
Gaton urges you to just keep your money in the bank. "The more money you can see in your wallet, the more tempted you will be to spend."
Hide your ATM from plain sight and just make do with whatever cash you have inside your pockets.
Stop buying things you don't really need
Think of how many things you'll need to buy this holiday season to discourage you from impulsive buying.
"Weigh in the wants versus the needs," says Gaton. "If it's not that important, then skip it."
Original article from FHM.com.ph
Minor edits by PEP