In Hedidor's Mind

Christmas is a season for both giving and receiving. I appreciate giving gifts to family and friends, but it can be difficult to stick to a budget at this time of year. It’s critical not only because some items are expensive, but also because Christmas can trigger impulsive spending habits that prevent you from saving money in the long run. These strategies will assist you in avoiding overspending on Christmas gifts this year.

Set a goal of saving at least 20% of your monthly income.

The first step to managing your Christmas spending is setting a goal of saving at least 20% of your monthly income. If you have a stable job, this can be done in one month, but if you do not have as much money coming into the household each month then it may take longer for this to happen.

If you want to save more than 20%, then it’s important that you make sure that there is enough left over after paying bills and other expenses such as food and housing costs so that there isn’t any room left over for unnecessary spending during the holiday season.

Create a budget

As the holidays approach, it’s important to start budgeting in order to stay on track. There are many different ways that you can do this. The most effective way is to use one of the following:

• A spreadsheet program or app that tracks your spending
• An online service like Mint or Personal Capital (free)

Plan ahead

One of the best ways to save money is to plan ahead. You can do this by setting a budget and dividing it into categories of spending, such as food and entertainment.

You should also make a list of people you need to buy gifts for over the Christmas period. This will help you get an idea of what kind of gifts they like, how much money they have access to, and whether there are any special requests (for example: “I want that silver necklace from Shop Amissah but I don’t have enough cash on me right now for such an extravagant purchase! Can we just get something less expensive?).

You should also think about what things would make your own life easier or more enjoyable in some way—this could be anything from household supplies like toilet paper/hand soap/paper towels; clothes; beauty products (such as shampoo); furniture etc.. If there are no particular requirements then simply shop around until something catches your eye!

Stick to your budget

• Stick to your budget.
• Track your spending for the entire year.
• Track your spending for each month.
• Track your spending for each week.
• Track your spending for each day and hour of the day (or shift, if applicable).

Make your savings automatic

You can set up automatic transfers from your checking to savings and vice versa. This will help you save more money every month.

• Set up a transfer from your bank’s savings account to another bank’s checking account, or vice versa.
• Set up an automatic transfer from your investment account to another investment account (or vice versa).

Pay yourself first

Pay yourself first. This means to set aside a portion of your paycheck before you pay any other bills. It is important to save money before you spend it, because having access to cash means that you can make more informed decisions about how much and what kind of things will help improve your financial situation.

When paying yourself first, try not to use credit cards or loans as much as possible; instead, try using electronic transfers like direct deposit or automatic deduction from bank accounts into savings accounts where they’re available. This will reduce the risk of overdraft fees since there won’t be any checks waiting in the mail when they arrive (if applicable). You may also want to consider transferring some funds into investments like stocks or bonds rather than putting them directly into a checking account where interest rates are lower but still taxable income might accrue over time due taxes being withheld by employers such as Tigo Communications Ghana Limited which owns this website!

Go cash-only for Christmas spending.

One of the best strategies for managing your Christmas spending in Ghana is to go cash-only. This means avoiding using credit cards to pay for gifts, and instead paying in cash whenever possible (or at least paying with a debit card).

This can be especially helpful if you don’t have access to an ATM machine or don’t want your bank account information shared with anyone else. It’s also nice because it gives you more control over how much money comes out of each purchase than if they were paid off through a credit card transaction where someone else has access to both parties’ financial information!

Use credit cards only if you pay balances each month.

Credit cards can be very useful, but it’s important to use them only if you can pay off the balance each month. Otherwise, you’ll end up paying a lot of interest on what you owe and end up spending more than necessary. If you’re not sure about how much interest your credit card company will charge for each transaction (and which ones), ask them directly!

Limit grocery store visits and impulse buys.

Limit grocery store visits and impulse buys.

The holidays are a time when many people feel the need to shop for gifts, decorations and food for their families. This can lead to spending sprees that leave you feeling overwhelmed or guilty about your wallet. To avoid this, plan ahead by making lists of what needs doing before Christmas so you’re not caught off-guard with last minute shopping trips or unnecessary purchases. If possible, try using coupons at local stores or subscribing to discount cards rather than buying online since they may be cheaper there than the ones available through the websites. Also consider buying only what will actually be used; if something isn’t being used after 12 months then chances are someone else will buy it instead (or maybe even another person).

Use these Christmas saving tips to avoid overspending

Christmas is a time to be with family and friends, but it’s also a chance to save some money. Here are some tips for cutting back on your Christmas spending:

• Use cash instead of credit cards or bank accounts
• Make a list of all the things you would like to buy this Christmas and allocate a price to each item. Then compare this list with what you actually bought last year so that you know where your holiday expenses went over budget. If necessary, make adjustments based on what was purchased last year!
• Be aware of how much money is allocated for Christmas shopping activities in Ghanaian culture; as an example, most people will spend about 50% more than usual during this time period due in part because many people give gifts without receiving anything in return (i.e., no reciprocation). Many tend not only keep track but also often anticipate their recipient’s reaction when giving them something they really want–and then they get nervous because they haven’t gotten any feedback yet…so they end up buying even more!

Christmas is a time of year when we all want to spend more than our income allows, but there are ways to save money this holiday season without sacrificing. We hope these suggestions help you save money and have a fun holiday!

FYI Shop Amissah has some of the best and most reasonably priced quality jewelry that will not fade. This Christmas, use the discount code HEDIDOR22 to save 10% on all purchases.