December is almost everyone's favourite month and why should it not be? After all, for the working class, it's the 'official' holiday season, so to say. Many of us save our leaves to use them at the end of the year to celebrate Christmas and New Year's eve away from work.
While you manage to save leaves strategically, how well do your strategies work in saving money, given that these holiday plans and those irresistible festive sales and offers are all about money?
Clearly, as much as we like the holiday season, we hate the fact that it takes a toll on our finances. But, who wants to let go of the mood?
If you are also someone who overspend, here are some tips:
As soon as you get your salary, save some safety funds for yourself first keeping your plans in mind. Then go ahead with the planning!
After saving come responsibilities. If you are staying away from family, you will have a number of responsibilities that include groceries too. As a regular practice, first pay the domestic help, electricity bill, the rent, grocery bill, the Wi-Fi, etc.
Pay off dues, if any:
If you borrowed money from someone, pay them back before you step into the shopping pit and the discounts, etc.
The funds you have saved will come in handy for your daily expenditures. And if the expenses are more than what you expected, the solution is- save more. The best savings options include Mutual Funds SIP.
Lastly, since it's New Year's eve, and most of you will have plans, do not forget to leave behind a good amount of money at home. Remember, it's just the beginning of the month, along with the new year.
If it does not go as planned at all and you end up overspending tonight you can always do what one should— sleep.
Have a great New Year!
Disclosure: The CNBCTV18.com editorial team does not engage in speculative or active trading in stock markets and follows its Code of Conduct on securities trading and investment. Any investor/ viewer is advised to carry out necessary diligence on their own or through a certified registered financial advisor for investment decisions.
First Published: IST