The excitement of the holidays continues to build up as Christmas Day nears. But along with this of course comes the inevitable stress as traffic gets worse, malls get more crowded, and schedules become tighter to accommodate invitations from family and friends.
More so, staying within one’s budget becomes trickier with all the expenses that come with the season.
“With Christmas right around the corner, it will be good to learn how to budget and spend wisely. Though we’d like to express our love for our family and friends by giving gifts, it’s also important for us to always set aside some of our money as savings for our future or for emergency purposes. You’ll never know when you’ll need it,” shares PSBank Senior Vice President and Marketing Group Head Emmanuel Tuazon with The Manila Times.
As such, the executive enumerates some simple tips to help manage finances this season.
Make a list of things to buy. Identify the people whom to give gifts and what gifts to buy them. Having a shopping list will definitely make things easier. With a Christmas checklist in hand, not only will it prevent missing important people in life but also enables the organization of budget better.
Set a budget and stick to it. Set a budget for each item in the shopping list. Having a budget helps one from impulse spending. Debit and pre-paid credit cards might be good ideas to help control finances allowing one to spend only up to the available balance in the account.
Check out Christmas bazaars and mall sales. Make the most out of the discounts in different bazaars and holiday sales this season. For those who’d much rather not join the holiday mall crowd, online shopping is another option. Some banks offer exclusive online shopping that gets one discount or freebies. Maximizing perks from banks will not only allow enjoying better deals but also more savings.
Maximize the digital banking services of banks. While traffic, long lines, and crowded malls are already part of the country’s Yuletide celebration, being aware of these problems means you have partially won the battle. During these times, it is advisable to do your banking transactions via electronic banking services.
Lock bank cards. Since incidences of theft or fraud (both online and in person) tend to increase during this time of the year, cardholders are encouraged to lock their cards using the ATM lock features if your bank has them. Tuazon said that theirs empowers cardholders by giving them an additional layer of protection against unauthorized use of their ATM card, arising from ATM loss, theft, skimming, and other forms of electronic fraud.