Money mistakes you must stop making at festivities

Many people enjoy the Easter holiday because it is some sort of breather after several months of work. For whichever reason you may love this season of sacrifice, it also means spending. To avoid a dry spell in subsequent days, Alex Tumwebaze, a personal financial management consultant at Inspire Uganda – a Consultancy firm, advises on how to spend wisely this Easter season.

Plan
Even before the Easter holiday begins, you must have the days and activities you want to engage in planned. “Do not just wait to go with the flow because that will cause you to spend more than what you actually have. So, plan and know whether you will enjoy the holidays from the comfort of your home, in the village with relatives or on vacation. In case you are inviting people, how many do you plan to invite, have them confirm their presence. Tumwebaze says that if you are not financially stable to give gifts, then don't because this season is more about showing love than giving gifts.

Budget
Tumwebaze says whether spending during a festive season or spending on a daily basis, you must have a budget. “Many people, especially in our context do not care about drafting budgets. However, whether going on a simple shopping at the supermarket or for a big buy, have a budget. Do not pick things randomly. This helps you conform to your list and adjust it only when it is important to. In the end, this helps you to spend only that money that you intend to spend,” he says.

Prioritise
As you draw your budget, you may not have the money to cover all you might wish to do, so know what is important. Tumwebaze says, “Prioritise at every point. For example, ask whether there are people you can drop off your gifting list, those you do not have to give gifts and substitute that costly outing to something less costly or even forego it.”
Drop the competition
“This is applicable at every level of personal finance. Do not compete to have the holidays like so and so has it. Do not invite as many people as your neighbour. Do not try to do a big shopping such as the one you did last year. Be comfortable in your own skin and stop trying to prove a point,” Tumwebaze notes.

Think about tomorrow
One of the things that make us tighten the grip on our pockets is thinking about tomorrow. The reason we even save is we are looking beyond today.
“Apply the same this Easter season. Though it is a time to making merry and sharing love with what we have, don’t preempt your tomorrow. In the same way, do not be enticed into getting in debt but rather, let what you have be enough. It is possible to go through the season without a lot of money,” Tumwebaze shares.
“Furthermore, even when you have all the money to spend, only buy what you need and spend only when you should. Don’t make impulsive purchases, keep within your budget, and enjoy your holidays without necessarily spending much,” Tumwebaze concludes.

Avoid buying last minute gifts
When making your holiday budget, you need to plan around the exact people you want to give gifts to. As the season progresses, you might feel the need to give additional people gifts. However, last-minute gifts can add up quickly, no matter how small they may seem at the time.

Do not let guilt break your budget
Not everyone in our lives share our same financial position, which can lead to a feeling of guilt when exchanging gifts. If your budget isn’t as big, your presents may seem insignificant when compared to those others give. This can entice people to spend more money on gifts just so they don’t feel guilty about giving less than others. Do not fall into this trap. If your budget is tight this year, do not ditch your well-planned budget in a misguided attempt to keep up with the spending of others. It truly is the thought that counts.

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