The Christmas season is a very important time for Filipinos. A time when families and loved ones come together to celebrate life through festive meals and exchanging gifts. But all the merriment usually comes at a cost—from spending on the celebrations with friends to spending (if not splurging) on Christmas gifts for loved ones and friends. While it helps that pockets swell with bonuses and 13th month pays, Filipinos however tend to overspend during the Christmas season.
What is often called the most wonderful time of the year can turn out to be the worst if inattentive with your spending.
But this does not have to be your reality. With proper planning, you can survive and thrive financially this Christmas season.
Here are some tips on how to stay financially healthy during the holidays:
1. Create a holiday budget, but prioritize the basics. You’ve likely heard this advice before: make a budget that includes everything you need to spend on for the holidays—from decors to gifts and everything in between. Having a set budget prevents you from overspending. But before you create the budget, take note of the essentials first: loans and utility bills, transportation and food costs, miscellaneous expenses such as subscription services and gym memberships. Make sure your priorities and essentials are covered before working on the holiday fund.
2. Be aware of holiday stressors. Many people link holiday overspending to the festive spirit, but the season can also bring significant stress. Some possible sources of holiday stress stem from financial pressures, emotional strain of social obligations during Christmas, and even physical fatigue. This stress often leads to coping mechanisms like gambling or compulsive shopping. It's important to identify how you handle emotions during challenging times and explore healthier ways to manage them, ensuring you stay in control of your well-being and finances. Of course, this also means you need to stay away from sources of temptation.
If you’re feeling stretched financially, RCBC's digital lending options like UnliPay and Pasado can provide a lifeline. These solutions offer quick financial assistance, allowing you to cover expenses without resorting to high-interest loans.
3. Avoid Impulse Purchases. It’s easy to get carried away with holiday cheer, but impulse purchases can blow your budget. Use your credit card thoughtfully and stick to your budget plan. Your credit card is a versatile tool for managing holiday spending but it requires discipline and smart-decision making. Leverage on 0% installment, Buy Now Pay Later installment plans to help ease cash flow pressure.
Take advantage of RCBC Credit Card’s Unli-0% for 3 months or Unli Installment for longer payment terms of up to 36 months with minimal interest so you can enjoy financial flexibility and convenience while maintaining control over your spending during the holidays.
You can also check your available credit card rewards points and redeem them for gift vouchers, which are perfect presents for those who appreciate the gift of choice.
4. Be open about financial boundaries. Do you feel your family and friends are expecting too much from you this Christmas? Having conversations about how much you can spend during parties and celebrations can ease the stress of holiday-related spending. Being open about how much you can spend on that night out allows you and friends to look for other party options that can accommodate everyone’s budget. Being upfront about your gift-giving capacity allows friends to adjust their budget and their expectations.
Most people will understand that budgets vary, making such discussions essential for a joyful, guilt-free holiday season.
For gifting, consider using RCBC’s Pulz and DiskarTech apps to send a “digital aguinaldo" through QR PH. It’s an easy and thoughtful way to share while sticking to your budget and skipping the hassle of cash or shopping for gifts.
5. Plan for the year ahead. Budgeting and setting expectations can make your holiday significantly more stress-free. But setting goals for the next year this early? This will allow you to survive this Christmas; it will help you thrive beyond the holidays. Consider paying off your debts with the bonuses or 13th month pay (or any holiday-related windfall) you will receive. With those out of the way, create a personalized list of financial goals you want to achieve for 2025. Do you want a specific amount saved up by the year’s end? Are you saving up for a vacation for your 2025 birthday? Do you want to save up for your downpayment for an auto loan? This is the time to do it.
All of this is easy when you use the right financial tools. The Rizal Commercial Banking Corporation’s mobile banking application called RCBC Pulz offers several functions to make budgeting and saving during the holidays—and beyond—much easier. It allows you to stay on top of your spending and manage your RCBC accounts!
With RCBC Pulz, you can view your account balance and recent transactions instantly. This transparency helps you stay within budget by giving you a clear picture of your financial standing at all times. You can set up automatic transfers from one account to another account. You can also kickstart your savings by investing your hard earned money in a time deposit, all through the app! Take advantage of these features by creating a dedicated fund for your next year’s travel adventure, or even just for a rainy day. Remember, small, consistent contributions add up over time.
For credit card spending, RCBC Credit card has a spending analyzer which summarizes all your credit card transactions and records according to categories. This allows you to track all your spending, and help you plan your expenses for the coming months.
RCBC Pulz is also equipped with a feature called QR Pay, a contactless payment solution that uses QR PH, Philippines' national QR code standard, and is supported by Bangko Sentral ng Pilipinas. It allows you to Transfer funds directly to local and international banks and PH e-wallets. Embrace stress-free deposits, payments, and even withdrawals by scanning a QR code. This feature can help you avoid unnecessary fees, such as ATM charges, ensuring more of your money goes toward your holiday plans.
With the right strategies, RCBC Pulz can transform from a simple utility into a holiday-saving powerhouse. Start implementing these tips today and celebrate the season with less stress and more joy.