Do you fear going back home for holiday because it means all your savings will be gone or worse you may have to borrow money? Follow these 4 tips!
1. BUDGET IN ADVANCE! Budget one year in advance. Make the list of all the people you need to make a gift to (including distant relatives and neighbors) and how much money per person. Make the total and then divide per 12 so …you know how much to save monthly. And then stick to it!
2. GIVE LOVE! Think about hand-made gifts, recycled decorations. You don’t have to compensate for being abroad, you already provide support the rest of the year. Make it special your own way!
3. TALK! Talk with your family, hold a family council and decide how much you want to spend for holiday and gifts keeping in mind all the other things you need to pay for (education, house…), and savings you need to keep for emergencies and investments. Make your family responsible with you, not dependent on you!
4. NO LOAN! Don’t take a loan! When you borrow money, you have to pay interest rate meaning an extra expense – Give meaning to it: for example if I don’t take this loan for holiday, I will be able to pay education expenses for 3 months.