Better budgeting for traditional celebrations - Bayport Financial Services
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Bayport Blog

Better budgeting for traditional celebrations

Published: September 3, 2021
Categories: Financial wellness
Tags: Financial Health, Managing your Money

Culture and tradition ground us and give meaning to our lives. But the practices associated with them can cause financial distress if you don’t manage the money you spend on them.

Traditional and cultural practices can be as big as coming-of-age rituals or traditional weddings, or as small as one family’s way of celebrating birthdays. The point is that these practices matter to us and that the tribe, religion or culture we belong to expects of us to honour them.

Whatever your cultural practices or traditional ceremonies, chances are that it costs money to perform and/or participate in them. And because culture and tradition are such emotionally powerful things, it is easy to throw caution (and your personal budget) to the wind when it’s time to take part in them.

Here are some tips to help you plan so that you can avoid financial stress.

Have a plan

The starting point is knowing what you need to plan for. Make a list of the ceremonies or events coming up in the next few months and then write down what you will need to spend money on for each of them, for example, special outfits, gifts or travelling. Then, to the best of your ability, assign a budgeted amount to each event. Your amount might not be 100% accurate, but it gives you an idea of how much you need.

Work with what you have

Now that you know what lies ahead, have a look at what you already have. You might have decorations left over from a previous event, or a piece of fabric that you can turn into tablecloths. It might even be possible to borrow or buy some of the things you will need from friends or family members who already had the same ceremony or ritual.

Work your personal budget

Once you have a clear picture of what you will need to spend money on, it’s time to work on your budget. See which expenses you can tweak to free up more money for savings so that you can have a lump sum ready when the event arrives. Also look at which of your current expenses will help you manage the upcoming events. For instance, if you already have an amount for clothes, make sure you spend it on the outfit you will need for the event.

If you need a personal loan

If your budget review shows that you won’t be able to save enough to cover your expenses for the upcoming cultural ceremony or traditional event, you could consider taking out a personal loan. However, you have to be sure that you can afford it and that it will not put you into a debt trap.

Borrow the least amount of money you will need.

Borrow from a registered credit provider.

Calculate the full cost of the loan.

Plan your finances so that you can repay the loan in the shortest possible time.

Cultural and traditional events can be a great source of joy. But you have to make sure that you have enough money to enjoy them so that you don’t have to worry about what the loan you had to take out will do to your credit health. You can avoid financial distress and anxiety by planning carefully and putting the necessary measures in place well in advance.

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