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5 Tips To Save On Year-End Expenses

Christmas is a time to give and share, and since it is also at this time when the Christmas bonus is received, it is very easy to spend everything without you noticing.

Households in Mexico spend around 3,700 pesos on December celebrations; in the most festive families this amount can rise to 6,400 pesos according to Kantar Worldpanel México, a company that conducts market studies.

In addition, the largest amount is invested in Christmas dinner (28.2%), Christmas toys (20.8%), Three Kings toys (19.2%) and New Year’s dinner (18.3%), based on data from the consulting firm Statista.

If you want to save on end-of-year expenses, these five recommendations can help you:

1. Buy In Advance

Consider the gifts that you will give to your whole family in advance and start looking for them a month before, as Christmas approaches, the prices of some items tend to rise, also so you can find more gift options and not limit yourself to what is left.

As for the Christmas and New Year’s dinner, you can also buy some things in advance, especially non-perishable or canned food.

If you buy little by little gradually, your pocket will suffer less and you will also be more aware when spending .

2. Limit The Amount You Will Spend On Gifts

Although it is time to share, sometimes our enthusiasm wins and the list of people you want to give a gift to becomes kilometers long.

Put a limit on the money you are going to allocate for gifts, start with your closest family circle and maybe some friends, if there is still something in the budget you can include someone else.

3. Recycle From Previous Years

The average spending on ornaments during the season is 793 pesos according to the Small Chamber of Commerce, Services and Tourism of Mexico City (Canacope CDMX).

This amount is mainly used to buy Christmas light series and some decorations for homes, facades, cars or offices.

Find the decorations from the previous year and use them again. Here you can include from led lights, garlands, crowns, spheres, to wrapping paper, bows or ribbons.

The prices of Christmas trees vary greatly, depending on the size, whether they are natural or artificial, national or export.

A small tree can be around 300 pesos, while the medium ones range from 500 to 2,000 pesos and the largest ones between 1,500 and 4,000 pesos.

The prices between natural and artificial are very similar, the advantage is that the latter can be reused year after year.

4. Consider Making Your Own Gifts

This is the ideal time to develop all your creativity and unleash your skills.

If you know how to sew, knit or maybe some carpentry, painting or sculpture, nothing better than making some of the gifts yourself.

In this way you not only save, you will also give something much more original and personalized to the people you love.

5. Use Your Christmas Bonus Wisely

The popular spots – Juhu beach, Chowpatty, Gorai beach, Band Stand, Worli Sea Face and Carter Road- are packed to the hilt throughout the year and best avoided. The Federal Labor Law establishes that it must be paid no later than December 20 and must be equivalent to 15 days of salary.

As it is an extra income, the majority uses it to pay debts. About 32% of Mexicans leave it for this purpose, 28% for Christmas shopping and 19% save it, according to a study by the consulting firm Deloitte.

Before it gets out of hand without you realizing it, make a list of what you’re going to use it for.

A part must go to pay debts , so that you start the year with more peace of mind. Just make sure that if you make payments on your credit or loan, there are no prepayment penalties.

And another part is destined to savings , it may be that with this you even start your emergency fund.

The popular spots – Juhu beach, Chowpatty, Gorai beach, Band Stand, Worli Sea Face and Carter Road- are packed to the hilt throughout the year and best avoided.

The Savvy Explorer