SMART MONEY SERIES:
The numerous festive seasons celebrated in Malaysia can put a dent in the pocket if one is not ready to stick to a budget. Here are some tips on how one can keep the expenditure in check by making wise decisions.
OH dear, it is that time of the year again. Unlike others, Malaysians enjoy numerous festive seasons; hence seasonal expenditure may occur too many times within the year!Again, the usual advice: always plan ahead to protect your pocket.
There are many smart spending and saving tips you could consider before you find yourself heavily in debt just to pay off that seasonal expense.
Smart Tip 1 : Include festive seasons in your annual budget
I’m sure by now (since this is the fifth article in the series) you would already have started preparing a budget for your family needs.
Your annual budget would ideally include all relevant festive celebration expenses: groceries for the special meal, new clothes for the family, gifts for relatives, charitable donations, travel.
So, if you have already budgeted to have an open house and invite 300 people, your expenditure would not go out of control.
Smart Tip 2 : Be a smart grocery shopper
You know you’re going to prepare a fancy meal which will mean incurring more than the usual grocery bill.
Consider the following suggestions:
Have a shopping list based on the menu so that you won’t have to incur last-minute unplanned expense;
Buy large quantities of items you use a lot of;
Shop for items at the pasar malam or bazaars, where you might be able to negotiate, or hypermarkets ideal for bulk buying.
Smart Tip 3 : Buy off season
You don’t have to buy your family’s new clothes and gifts just two weeks before the festive occasion. There are good sales and bargains to be taken advantage of during off-season shopping.
It also saves you from the pressure of getting everything ready within a limited time; with no time pressure, you are able to better compare prices and get the best value.
Smart Tip 4 : Be careful with your credit card
Without a doubt, swiping the plastic card makes shopping fun and seemingly affordable. After all, you only have to worry about the bill the following month.
However, stop before you swipe. Do not spend money that you don’t have. If you can’t pay for it in the next couple of months, don’t charge it!
To use credit cards wisely, have a self check mechanism – record every purchase via the card and have a running tally so that you don’t go over your planned limit.
Actually, if you feel you may not be able to control yourself, a good precaution would be to just bring cash when you go out shopping – leave that plastic card at home.
Smart Tip 5 : Buy only things you need
Do you fall into this category? – “Too many of us are spending money we haven’t earned, to buy things we don’t need, to impress people we don’t like.”
Ask yourself if the item you are about to purchase is a want or a need.
For example, do you really need new curtains for ALL the windows in your home just to celebrate the festive season? Does your family really need the additional channels on your pay TV to watch those new Chinese New Year programmes? And do really need three new matching handbags and shoes to go with your new outfit.
Before you embark on your shopping for the festive season, make a shopping list and be disciplined enough to stick to it!
Smart Tip 6 : Save on transportation costs
If you’re travelling by air, festive season tickets are usually quite expensive.
So PLAN your festive destination early so that you can get the best travel deals.
In Malaysia, the first inclination is to check out budget carriers, and if the budget carriers don’t fly the route, you can always turn to travel fairs.
If your destination is within driving distance, driving would be a more economical option.
If you’re going to “balik kampung” with other family members, for instance, you could save even more by car-pooling.
Of course, in Malaysia, this would also be “peak accident” season, so you need to drive carefully and ensure that your car has been checked for road safety worthiness.
Smart Tip 7 : Be charitable economically
No matter what festive season you celebrate, it is generally the time to be giving and generous.
If you are really strapped for cash, have you considered making homemade gifts? Sometimes the time, effort and care that you put in to create a gift for a loved one is more valuable than an expensively purchased item.
Your children may have creative ideas and may assist you – e.g. making gift wrappers out of recycled cloth or coloured paper.
Perhaps, that additional matching handbag and shoes (in Smart Tip 5) you frivolously bought could be converted into a gift for a loved one. After all, being generous is synonymous with being selfless.
So, before you let your celebration mood free on a limitless shopping spree, be smart and consider the tips above.
If you’re always on top of your finances, no matter what joyous time of the year it is, you can enjoy the celebrations abundantly with peace of mind.
Sources : AKPK
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