Christmas may have been the time that we looked forward to, but also a time that left many with great deal of debts through uncontrolled expenditures on gifts and other consumables.

But, there is another time, the New Year’s day which could as well mount pressure on your cash and savings, leading to more enormous debts which could probably lead to failure to pay for your kids school fees in the year.

However, to avoid these troubles, good planning is very vital. This time you should make a list of few people to buy gifts for and also look at what your budget for gifts will be in total. Better stick to this budget.

Besides families and friends gifts, a number of institutions organise end of year parties for their employees. If yours is this week try to limit the expenditure on gifts for your workmates.  It would be better to suggest that each person buys a gift for only one other person.

Compare prices at different shops ensure that you are getting the lowest price possible. Buy one or two "general” gifts that you can use whenever you need to give a gift to someone during the year. Wrap these and keep them on hand for those emergency situations that sometimes occur. 

It is always good to hang out with friends and relatives on this day but its better you don’t on the New Year’s Day. A home-cooked meal costs much less and is much tastier (and healthier) than a restaurant meal.

With the New Year’s Day on the horizon it is better to beware of spending beyond our means on this day. People, you need to be careful and don’t become overexcited and spend at the New Year sales, stay aware of your spending patterns and take steps to manage them better. Happy New Year.

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