Don’t let a special occasion set you back financially

Whether it’s a holiday, a birthday, a wedding or even an anniversary, everyone has a special occasion that they are saving up for. The trick is to make sure that a special occasion doesn’t break the bank, because this could take something that is supposed to be celebration and turn it into a nightmare.

Gifting for a holiday or birthday

When it comes to saving for the holidays, this is a tricky one, as it does depend on how many people you’re needing to host and get gifts for. If you feel you need to buy a gift for everyone’s birthday or for the festive season, try to set a Rand amount for each person so that you know beforehand how much you need to save. A great way to save is to get a group of people together and chip in for a more expensive gift for someone. It will be cheaper for you and the person is getting one great gift out of it, instead of a few smaller presents.

Saving for your big day

If you’re planning on having a big wedding, then you need to make sure that you’re not putting yourself in debt. It’s quite easy to get carried away with all the bits and bobs that you can have to make your special day, but there are a few things you should do so that you stay within your means:

1. Set a budget from the start

You will need to be realistic and thorough about this budget. Don’t forget to put in the little things that can add up. If you know how much you’re willing to spend, you’ll be very conscious about going over that budget.

2. Set yourself a timeline

If you know how long you need to be saving for, you will be able to figure out how much you need to set aside each month. It’s also a good idea to set up a calendar for when you need to pay each of your vendors or service providers. You’ll then be able to see which months you’ll be spending more towards your wedding.

3. Look for the sales and special

Seasonality is a factor that can impact the cost of a wedding. If you have a wedding in winter or autumn, you will probably pay less than if you have the wedding in summer. You should also look for sales where you could buy some of the decor or additional things you need – think Black Friday. You can also find ways to cut costs. You could try sending email invitations, instead of letters in the post or try some other cost saving tactics.

Saving up for a trip:

So, you want to get out of town, but everywhere seems out of reach.  Fortunately, there are ways that you can travel affordably and if you are wanting to spend a little more, there are small things that you can do to save for your trip.

1. Create a trip that’s affordable

If you want to go overseas, you don’t need to stay in fancy places to have a good time. There are very affordable and fun backpackers or hostels you can stay in. You should also wait for flight sales to come out and be a bit flexible with your travel dates and times so that you can get the cheapest flight.

2. Create a savings account

Every month deposit a bit of your salary into your savings account. You will be able to track how much you’re earning, and it won’t be as easy to just take money out and spend it.

3. Sell some of your stuff

You can make quite a lot of money if you sell some of your unwanted items. You may be able to sell your furniture, books or any clothing you haven’t warn. Although it might not be enough to cover your trip, it could make a big difference towards your spending money for when you’re on your trip.