13 Tips to Better Holidays: Managing Home Finances During ‘Ber’ Months

Most Filipinos look forward to the ‘ber’ months out of all the months in the calendar. There is something special about these months that makes us feel happy and excited when September arrives. In the Philippines, it is when the Christmas season officially begins.

Given that Christmas is the most popular time for Filipinos, the festivities in these months are unstoppable. However, this means you’ll have more money to spend. As a result, we must budget our finances appropriately to have a Merry Christmas.

How to manage home finances during ‘ber’ months?

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Now that the ‘ber’ months have arrived, you may be thinking about shopping for gifts, especially since businesses usually give out work bonuses around this time. Saving is essential to get through the holiday season as expenses rise, whether we like it or not. Here are some budgeting tips for the ‘ber’ months.  

1. Hustle hard but save harder 

Divide your monthly salary based on your cash flow and necessities as early as now. Suppose you intend to host events and parties during the holidays. In that case, it is recommended that you begin allocating a large sum of money ahead of time to ensure that your budget does not become muddled.

2. Put up investments

When the holiday season arrives, we envision ourselves spending rather than saving. However, this season will pass, so instead of draining your savings, start investing. Long-term returns on investment are favorable, but make certain that your money is invested in a place with a high return rate. Here’s how to get started with your investment journey.

• Research for the types of investments you can make and assess if they suit your risk appetite.
• Build a timeline of when you’ll make investments and redeem your investment returns. 
• Focus on the market trends that affect the prices of investments. 

Along with that, you can choose certain popular investments during holidays. Here are some: 

• Real estate – This has one of the most reliable returns, but with significant capital and legwork. Do your research on the best properties to invest in if you want to make this kind of investment. 
• Cryptocurrency – If you believe in blockchain technology, cryptocurrencies like Bitcoin are good investments. Be sure to educate yourself on the risks and other possibilities involved before diving in.

3. Be mindful with online purchases

The current COVID-19 situation has hastened the transition to a more digital world and has caused changes in online shopping. People began to use online shopping sites, and while shops offer several discounted deals, try to avoid making unlimited purchases. It may be enjoyable at first, but it will cause you headaches and anxiety in the long run as you are spending money on unnecessary things.

However, if you need to purchase something online, here are some tips:

• Secure a list of things you need to buy – Don’t wander aimlessly on the website if you don’t want to end up with impulse buying. Instead, make a list and carefully decide which ones are important or not. 
• Compare prices across different shopping sites – Find different shopping platforms and compare the best prices according to your list of items. Remember always to consider the shipping fee as well. 
• Read reviews – Before buying, ensure to read product reviews from different buyers to make the most out of your money. Stick to the wordy reviews, not just on star ratings. 

Further, you can “add to cart” before buying and wait for a big sale on the site to anticipate the amount you’ll be spending. 

4. Focus on your needs

One effective way to save money is to avoid spending on things you don’t need, such as designer clothes, expensive gadgets, upscale dining, and anything else you can live without. It may appear difficult, but it will be worthwhile, especially if you want to have a better holiday.

Every time you buy something, ask yourself if you really need it or if it was just an impulse buy. Consider whether it will be useful in your daily activities. If not, you can avoid purchasing that item.

In the meantime, avoid going to malls because there will be sales and discounts from various stores. As a result, there is a chance that you will become distracted and purchase useless items.

5. Commute wisely

Reduce the number of times you use public or private transportation when going out. Make a list of items to ensure that you don’t forget anything and don’t waste money on transportation or gas. Additionally, look for PUVs that take shortcuts to avoid having to ride twice to your destination.

6. List a specific budget each month

Set aside a certain amount for your Christmas finances each month leading up to the holiday season. Make sure your budget is adequate and does not exceed the amount set aside for your essential costs, such as bills and other utilities.

7. Be practical and creative

When the ‘ber’ months arrive, Filipinos will begin to decorate their homes for Christmas. It may be tempting to purchase expensive ornaments at malls, especially when they are on sale. However, keep in mind that purchasing such items may be out of your price range. Instead of buying new decorations, you can be creative and reuse some that you already have. You can also look for colorful scraps of wrapping paper to decorate your home.

8. Watch out for sales and discounts

Sales, promotions, buy-one-get-one-free deals, and exclusive discounts are all over in stores and bazaars during the holiday season. Although it has been suggested that you avoid going to malls, this is a case-to-case basis. If you see a discounted item that is more of a want than a need, pass on it. However, if that item is necessary for your daily life, there is no reason to stop you. It’s essentially a win-win situation. You get what you need at a lower price, which allows you to save a lot of money.

9. Save your electricity

Putting up Christmas lights is all fun and games until you discover that your electric bill is significantly higher than usual. Unplug used appliances and lights if you want to save money. Leaving them running 24/7 would certainly spike up your bill, so make a habit of deciding the hours you will turn them on and stick to it. 

One tip: LED lights can be used as an alternative to traditional Christmas lights because they use less energy and have a lower impact on your bill.

10. Utilize rewards and points on your cards

Banks offer credit rewards if you often use cards as payment for your purchases. Sometimes, they provide a time frame for getting those rewards depending on the amount you acquired. As a result, it is prudent to seize the opportunity to reduce future expenses significantly.

11. Make schedules on your spending

Last-minute shopping can be hectic and stressful, from navigating traffic to waiting in long lines at checkout. Furthermore, you will be surrounded by crowds during rush hour and not have enough time to prepare for the holidays. To avoid this, plan a shopping day, and list the items with the lowest prices at the time. That way, you can budget appropriately while still having plenty of time on your hands.

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12. List the people you’ll want to give your presents to 

In some cases, we may underestimate the number of people to whom we will give gifts. As a result, panic buying may occur, and you may end up spending more than you should. Thus, even if the holiday is still months away, make a list of people to invite. Here are some pointers on how to create a list.

• Determine the people on your list and ensure that you will miss no one. 
• Carefully think of their gifts one by one. 
• To save more, you can buy bulk items and add a personal touch like a note. 

On the other hand, you can also think of a common gift you can give to different groups of people so you wouldn’t have a hard time thinking about getting each and cut costs at the same time. 

13. Create your own present

Buying gifts can be stressful when you don’t know what the person you’re buying for wants. You can, however, be inventive and make your own. Here are some do-it-yourself Christmas gift ideas.

• Christmas cards
• Cutout candles
• Gift card holder 
• Cross-stitch stocks
• DIY t-shirt 
• Decorative mugs
• Mini house wreath
• Vintage photo pillow 
• DIY sugar scrub
• Upcycled t-shirt bag
• DIY bath bombs 
• Gift baskets

If you do this, not only will you cut costs from buying expensive presents, but the intended person would also get sentimental because they know you put effort into it. 

14. Make a simple greeting

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Remember that you don’t have to buy gifts for everyone, especially if you’re on a tight budget. You can still make your family and friends happy by sending them incomparable gifts, such as video greetings, or by making some appreciation posts.

Takeaway

To successfully get through with the ‘ber’ months, track the whole spectrum of your budgeting actions and remember to think of the bigger financial picture. That way, you’ll know when to cut back or tighten your spending without jeopardizing future expenses.