Top 25 savings tips to win at budget bingo
Numerous variations of ‘Bingo’ have been trending on Instagram stories this year, like ‘apartment Bingo’ – with an assortment of must-haves for millennial’s apartments – and indoor plant ‘Bingo’, because all the cool kids want to tick off that illusive pink-striped ficus. Now, there’s Budget Bingo - the Sanlam bingo game that can save you a few pretty pennies this festive season.
‘Tis the season for overindulgence – and overspending – so avoid the pitfalls of debt and credit shortfalls by calling ‘BINGO’ instead. Share the game with your friends and family and start a challenge to see who can tick off all 25 ways to save the fastest. There’s nothing like a little bit of friendly competition to get the DIY Christmas flair out in full force.
Andre Wentzel, solutions manager at Sanlam Personal Finance says apart from playing Budget Bingo, the best overall way to save is to set a proper festive budget, “It sounds obvious, but few people actually set a realistic budget before the holidays and then stick to it. Without giving this proper thought beforehand, costs can run away with you,” he says.
How much this budget should be depends on your income, your other financial obligations and importantly, your longer-term savings goals. Wentzel adds, “Any bonuses should ideally be invested directly into bonds or to settle debt because the long-term savings will far outstrip the short-term satisfaction of more festive season spend.” Even if investing your bonus isn’t an option, at the very least, it would be wise to keep it for January, which is typically a very long and tough month financially.
So, what are some simple ways to save over the holidays without compromising the festive cheer? Here is a list of 25:
TOP 25 SAVINGS TIPS TO TICK OFF TO WIN AT BUDGET BINGO:
Ask people to bring a plate of food for a shared Christmas feast
Do a Secret Santa gift exchange and set a realistic spend limit
Give homemade gifts like freshly baked cookies
For young kids, source toys from cost-effective stores like the Crazy Store
Make your own (cheap) crackers
Stick to a shopping list
Avoid shopping malls where you might be tempted to spend money
Make your own wrapping paper – even ‘old school’ brown paper can be a creative alternative
Shop the pre-season sales for cheaper gifts
Put money away in November and December for school fees and other big expenses in January
Invest your Christmas bonus or use it for big upcoming expenses in January
For big get-togethers, ask people to bring their own booze
Join a stokvel or festive season savings club
Start a high interest-earning savings account early in the year for Christmas
Buy in bulk or shop online to find the best bargains
Go DIY on the Christmas décor – you’d be amazed what you can do with organic finds like seashells and feathers
Draw up a festive budget and keep track of your spending
Have the turkey without the trimmings: Cut back on extras when you can
Make your own Christmas cards or send e-cards
Give plant cuttings (especially if you’re a millennial)
Leave your credit card at home when you go shopping. Draw cash instead
Give time instead of gifts: E.g. give someone a night of free babysitting
Invest in experiences rather than things: buy family tickets to a show instead of buying things
Book any travel well in advance – prices skyrocket around the festive season
Sell things on Gumtree or the Facebook Marketplace for extra funds