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Christmas and New Year holidays come with a lot of expenses. Sometimes, these expenses put many people in a tight spot after Christmas holiday. In January, people have a lot of bills to foot that includes school fees, food, rent among others. So how can we ensure that we spend good Christmas and New Year moments and not get broke in January? Here are a few tips.

Set a budget

Decide how much money you want to spend. Think through all the different aspects of holiday shopping: gifts, travel, food, decorations etc. Draw a budget for all these and make sure your pockets are not drained.

If you notice that you are about to overspend, cut on unnecessary expenditure. For instance, you can forego gifts and spend more on food.

Avoid unnecessary spendings

The holiday season throws us out of our usual family expenditure adding extra responsibilities and activities. As a result, the price we are willing to pay for convenience begins to rise.

People like to buy expensive drinks, pretzels, smoothies etc. These expenses appear minor, but over a certain period of time, they begin to drain your pocket. Avoid them.

Stay indoors and enjoy quality time on budget

So rather than rush out into the cold every night over the festive season, why not hold at least some of the celebrations at your own place?

This way, you will not be spending on transport and accommodation. You may also not meet many friends that will make you spend more.

Just have quality time in your house and relax. After all, holidays provide the best relaxing moments before we go back to work in the new year.

This way, you will be able to at least spare a few coins to spend in January.

Track spending

Avoid spending anyhow. You need to track where your money is going and whether you really need to spend on things you are buying or paying for.

Because of the extra shopping during the season, the importance of tracking your spending during the month of December cannot be overstated.

And you do not need fancy software or materials to accomplish this step. It can be completed with a simple piece of paper and pen.

Avoid buying on credit

If there is anything you will regret having in the new year, it must be debts! Debts come with a lot of stress and a new year needs to be embraced and celebrated. But you cannot do this if you crossed to the new year with a lot of debts. Avoid taking things on credit during festive season. Period!

Additional information sourced from the internet.