It's advisable that you do not confuse getting paid in December with an early Christmas present.
While it's all expected for us to up our outgoings quite considerably throughout the festive period, over-the-moon expenses can lead to some budgeting roadblocks.
This is because December is no doubt one of the most expensive months of the year, sometimes, for no reason at all.
The festive activities in December often make it impossible to overstretch the pay packet stretch until January's payday.
It becomes more challenging and trickier to resist the mince pies at this time of year.
Sometimes it's made even harder, and options become even limited when you have been paid earlier than usual.
Here are five factors that you may need to consider if you want your salary to outlast 45 days before your next paycheck.
1. Budget
Brian Wachira, an economist, advises that budgeting starts with knowing how much you have to spend over the month and not going beyond that.
"It's as simple as that. In fact, budget is something that can be done by anyone," Wachira noted.
People are asked to carry out what is known as forward planning so that they reduce the financial burden of Christmas.
"The idea is to ensure that once you have your budget, stick to it and you shouldn't have any January blues when it comes to cost," the economist advised.
It is also important for salaried people to set a budget for each of your festive outgoings such as presents, decorations, treats, meals out, drinks with pals and all the other fun stuff out of the money that's left.
2. Keep essentials separate
Employees are advised to transfer your disposable income or bills to a different account so that both sections of your life are completely separate.
"This way, you know that all your bills are covered and that what you're spending is there to be spent!
"Working this out should be fairly straightforward and our budgeting tools above are there to help, too," Wachira advised.
3. Stretch your cash
The easiest way to stretch your cash is to become a Christmas bargain hunter.
It's an important thing to consider meals and voucher codes as important items for stretching the budget.
"Do not plan a night out or a get together without checking if you can grab a freebie or money off beforehand.
"These can usually be mid-week so opt for a weeknight party and keep your weekends cosy at home for peak money-saving wins," Wachira noted.
4. Don't get carried away
Economists are warning that it's easy to get carried away and lost in the festive moment.
As such, as quick as you can say "Drinks are on me!" you could blow your budget you've just worked so hard to sort out.
"Having a budget helps you not overspend so stick to it and you'll thank yourself later," Wachira noted.
5. Accept that you might save less
More than just saving, if you're an avid investor and always strive to pop something away each month you may need to cut yourself some slack over the festive period.
"Don't beat yourself up if your savings aren't growing as they would in a usual month," Economist Wachira asserted.
Don't forget that December is not a usual month! Therefore, if you have saved enough throughout the year for Christmas, you may not need to reduce your regular savings in order for you enjoy life.
Lastly, take note that January is among the seven months with 31 days. The 2023 January has five Sundays, Mondays and Tuesdays.
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