The harsh reality of our finances is sometimes overshadowed by the joy of buying things. To enjoy the holidays and avoid ending the year with guilt, read the tips below and get ready to sleigh.
Yey to Holidays, No to Year-End Guilt. Christmas parties, Noche Buena, Christmas Day, New Year's Eve, and New Year—these are the holidays we look forward to because we expect presents here, gifts there, and chow-time favorites everywhere. The idea of gathering and celebrating with our loved ones surely excites us, but since we are still experiencing inflation in the country, the fear of busting the budget remains a persistent worry.
So, to avoid financial hangovers — here are tips to enjoy the holidays without bleeding your wallet dry:
Set a Budget Today Start early by dividing your spending into categories (regalo, pamasko, handa, travel). Secondly, make a detailed list of what you can afford. Third, write down the names of the people to whom you will give gifts. If you know that most members of your family cannot handle buying everyone a gift, you may offer to do an exchange gift.
Buy Smart Check for discounts, cash back, freebies, reward points, and promos. Some grocery stores, malls, and online shops have year-end dynamic offers—use them wisely to reduce payment.
No to Impulsive Buying Control and learn to say no to buying what is not on your budgeted list. It is important to remind yourself that the joy of buying overshadows the harsh reality of finance. So, spend carefully and mindfully to end 2024 with a guilt-free day.
Avoid Falling for Marketing Ploys and Clickbait Stay alert for deceptive tactics used by businesses or individuals this holiday season. Marketing ploys and clickbait are designed to mislead people and urge customers to buy products and spend money unnecessarily.
Be Honest Honesty is indeed the best policy. Admitting to yourself and to your loved ones that you have limited financial resources is normal and should not be something to be ashamed of. People go through things in life, and having a tight budget is one of them.
In the U.S., they have their own meaning for "ubos-ubos biyaya, bukas nakatunganga," which equates to "financial hangovers." This refers to the dreaded feeling that a night of drinking has left their bank account hammered (New York Post, 2024). The feeling of burning a hole in your wallet after yuletide bliss could not be more painful. Therefore, for us to genuinely experience the happiest season, we must plan well today and follow through with the plan.
Sources: Jenkin, T. (2024, November 29). 5 tips to help you avoid a financial holiday hangover. Fox Business. https://www.google.com/amp/s/www.foxbusiness.com/fox-news-opinion/5-tips-help-avoid-financial-holiday-hangover.amp
The Open University. (2017, December 15). 9 ways to avoid a New Year financial hangover. https://www.open.ac.uk/blogs/news/business-law/9-ways-make-sure-festive-spending-doesnt-give-new-year-financial-hangover/
Worrell, G. (2024, September 21). Exclusive | Booze till you’re broke: Over 75% of New Yorkers admit to “financial hangovers” after drinking. New York Post. https://nypost.com/2024/09/21/lifestyle/75-of-ny-drinkers-admit-to-financial-hangovers/#:~:text=Bottoms%20up%20%E2%80%93%20and%20bank%20account,according%20to%20a%20new%20survey.
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