7 HOLIDAY SPENDING TIPS FOR SMART SAVERS

By Desideria Mwegelo, 

Head, Marketing & Corporate Affairs, 

Stanbic Bank Tanzania. 

The holiday season is upon us once again and while it is the time for giving, it is also a time when most people overspend and are burdened with bills and debt in the New Year. 

Here are 7 tips to help get you through the season with your account intact, nurture good spending habits for next year’s holidays and prepare you to step into the new year in a better financial position.

1. Use apps with money management features

It is important to start with a number, a budget forces you to map out your goals, save money and keep record of your progress. There are a variety of banking applications that can assist with better budgeting, Stanbic’s iBanking portal allows users to categorize and manage income and expenses. These are invaluable tools to have in your arsenal and will bolster your financial health for the future.

2. Account for the future

With a few weeks left to the end of the year, it is already too late to be making any drastic savings choices but it is also the perfect time to begin saving and the right savings account can have a huge impact on your cash flow for the rest of the year. A savings account such as Stanbic Bank’s PureSave pays interest on a tiered basis, meaning as your balance increases, so does the interest rate. You will also have access to your account anytime to deposit or withdraw, we encourage you do the former rather than the latter.

3. Prioritize your purchases

Avoid the temptation to go shopping without first making a list. You may be looking for gift inspirations, which you will find, along with various items you didn't really want at a price tag beyond your budget. Know what you are shopping for and avoid deceptive holiday discounts.

4. Quantify the receiver

Write down everyone you plan to give gifts to—from your nearest and dearest to your workmates and the food delivery lady. Then put an exact number next to each name. Setting limits will keep you on track. Once you are done buying the gift you may even have some money left to dedicate to another loved one.

5. Attention to detail

Spend wisely by reviewing your account statements whether transacting on mobile money or card. Monitor your sms alerts and use online banking to easily monitor your accounts. Keep a record of cash spent by making a note on your phone while out and about. Stay aware of where the money is going before it is all gone.


6. Map out the shopping

Know where you will be heading for each gift you will be buying, plan it into your work day in order not to get carried away. Make purchases using your bankcard that will deduct it from your budget in your account. Keeping your Christmas expenditure centered in one place.

7. Lifelong gifts

It’s easy to lose the real holiday spirit in the materialism of the season and forget the true meaning of Christmas: creating memories and bonding with loved ones. Give gifts that last rather than material ones that will gather dust such as a bank account for children, like that of Stanbic Bank’s Hatua account. This is a gift that will keep on giving.