This is the first of a couple of posts I am writing for the next two weeks as useful reading for this period. Last week, I wrote a long, but great post about setting yourself up for success where money is concerned. You may read it here. Onto the post
I am not a fan of willpower. Much has been written about how willpower often gets depleted (something smarter people call ego depletion), and in our busy lives, we often suffer from decision fatigue. Decision fatigue is why it is easier to dig into that tub of ice cream when you have had a long day. It is also why it’s easy to throw caution in the wind financially in these last two weeks of the year. Your brain is tired and easily convinced that you’ve done enough for the year and you deserve a little spoiling.
For the record, there’s nothing wrong with a little spoiling of oneself, but we want to avoid the regrets that come when we unintentionally overspend and end up struggling later.
This is why I would like you to do the following in regards to your holiday spending. It should take just a couple of minutes:
- Set the budget for your holiday spending. Determine how much you want to spend. While you are still thinking straight before the holiday spirit takes over, look at your bank balance and set an amount.
- Decide the activities you want to undertake between now and the 2nd of January 2021. These could include Christmas lunches/dinners, hosting, ordering take out because you don’t want to cook, extra alcoholic drinks, some travel etc. All within reason of course, and within that budget you have set.
- The third step will feel scary if you like to be spontaneous during this period. Transfer all the other money you have to a savings account, leaving only your holiday spending money in your main account. Keep your savings account debit card and credit cards, if you have some, away until next year. Alternatively, move your holiday spending to your mobile money account and put all your debit and credit cards away until next year. This way, you have an automatic stop-spending signal. The holiday ends when money ends.
- Plan to be present and to fully enjoy your holiday moments. You deserve joy♥️