Whether it is the Christmas/New Year time or the Chinese New Year, or some other period of festivity, most of us get so carried away with the essence of gifting that at a point we tend to jeopardise our financial goals. But, if you take some precautionary measures and have a plan before you start shopping or invest, you can save a lot and avoid any unpleasant shock, here are top chinese new year promotion that are offered by banks in Singapore. If you are not careful, you are likely to end up panicking and purchase whatever appears the most suitable, even if it is costly and needless.
Look at Some Budgeting Tips that you can Adopt for your Holiday Shopping:
Consolidate your spending to get higher rewards
As you prepare a plan on what you want to purchase, also consider the rewards you will earn when you combine your spending to one particular credit card that will give you maximum rewards quickly. For instance, if you are a frequent traveller, charging all your Chinese New Year shopping to your UOB PRVI Miles card or Citi PremierMiles Card will help you earn air miles at a much faster rate.
Opt for exchanging gifts
Instead of purchasing gifts for each member of the family, participate in exchanging gifts where each earning member of the family exchanges gifts. You can even encourage your kids to participate in the gift exchange. They will learn about the importance of giving and managing their money.
Shop smart
There are many great deals online that companies offer exclusively during the festive season. If you are a smart shopper, you can make the most of these offers by comparing prices across different sites. There are various mobile applications that can help do this for you. You can also add a product to your cart and avoid making the purchase. If you do so, some stores may get in touch with you and offer the same product for a discount.
You can also go through promotional emails and flyers to know when and where products are on sale. You can make use of applications such as Groupon that offer daily specials, DEALert that let you know when the bargains are available. Other applications from retailers will keep you informed about sales. Purchase reasonably priced gifts initially and focus on good prices and stick to your budget.
Use part of your year-end bonus for Christmas shopping
If you are lucky enough to get a year-end bonus, take some portion out of it for shopping during the festive season and invest the rest.
Keep track of your overseas spending
It is very easy to get carried away with numerous activities at the holiday period. During this time we tend to overspend money on treats at places with a decent exchange rate or foreign currency. Set a limit on your expenditure before you travel for holidays. Pay close attention to what you purchase during a trip and ensure you pay only for items that you can afford.
Make a shopping list and keep a track of it regularly
A list of things that you need to purchase and for whom will help you monitor if you are sticking to your budget. A list will help you get a rough idea of how much you can spend on each person. A list will also help you avoid getting carried away with the array of promotions on offer, which is likely to lead to overspending.
Personalised, handmade gifts
Sharing homemade gifts is not only easy, but also more meaningful and greatly appreciated by others. You can choose from a number of options such as a photo album of friends or family, cake, Instagram coasters, personalised calendars and more.
You could consider giving kids a voucher that is valid for a day at the zoo or any other activity. Giving experiences instead of objects is more meaningful, and the receiver will probably remember them longer.
When you choose to shop, purchasing from small merchants will help you save more money. Go online to look for gifts that are either home-made or made by smaller organisations. These gifts are likely to be less costly than branded gifts.
Ultimately, the money you spend during the festive season is yours. Use it in a manner that does not make you guilty or regretful, but makes you feel good about your financial life. Try to clear as much debt as you can.
