WITH Christmas drawing near, Jamaicans are being urged to have a fiscally responsible holiday season.

Accountant Patricia Henry, better known as Budget Auntie on social media, addressed the prevalent issue of holiday-related debt, urging individuals to prioritise financial well-being during this traditionally expensive time of year.

“You don’t need to get in debt to enjoy the most joyous time of the year,” she firmly asserts while speaking with the Jamaica Observer.

She is urging individuals to veer away from the common practice of overspending. Drawing attention to financial planning, Henry encourages proactive measures, ideally suggesting that people should have been saving for the Christmas period. However, recognising the absence of substantial savings, she proposes diversifying income streams through alternative ventures. She offered practical suggestions such as engaging in virtual assistance, teaching musical instruments, or even potting plants.

Henry also highlights an upcoming opportunity — the return of the Market on the Lawn on December 10 and 17 at Devon House in Kingston — as a chance to earn extra income while decluttering homes. The talk expanded to managing financial windfalls, particularly the salary bonus.

“Please remember to pay all the bills before you dip in the bonus, and ideally you should be saving some of that [bonus] also,” she recommended, emphasising the importance of prudent financial decisions.

When discussing gift-giving with the Sunday Finance, Henry suggested that for children, it’s better to go traditional with items that encourage outdoor activities and limit electronic device usage. For adults, she suggests plants as thoughtful gifts and encourages grandchildren to capture cherished moments in picture frames.

“My daughter lives abroad, but she’s in a big group — maybe eight or 10 girls —and they have a secret Santa, so you’re giving one gift instead of many. Those are small things we can do during Christmastime,” Henry shared as a model that can be adopted in personal circles for gift-giving.

To manage the expenses associated with the holiday season, Henry advised against excessive partying and focusing on repurposing items in closets and decluttering as a way of finding space and donating unused items to give back during this time of the year.

As the conversation delved deeper into the practicalities of the season, Henry recommended early shopping for perishables and advocated for potluck Christmas dinners to distribute the costs among participants. Her advice extended to leveraging Black Friday deals for renovations and suggesting an early start for travellers to seize better ticket prices.

“Saturdays and Sundays, the fares online are more expensive; the airline expects you to be shopping on the weekend, so the prices usually inch up,” she revealed.

Her most emphatic advice revolved around credit card usage. “Credit card debt is really serious,” she warned, cautioning against the high interest rates. “Try to spend cash and leave your credit card at home when you shop this Christmas,” she strongly suggested.

Looking ahead to 2024, Henry champions a financial transformation by emphasising the necessity of robust savings plans and disciplined financial practices.

“We’re going to activate a saving plan, look at your income, and save at least 20 per cent [of your income],” Henry emphasised.

She proposed steps like setting up automatic deductions and opening separate savings accounts for better financial discipline. But to avoid starting the New Year financially damaged, she’s reminding everyone not to be consumed by the pressures of holiday spending.

“Know where you are in the spectrum of life and live there; live within your means. It doesn’t matter if you earn $50,000 a month or $200,000 a month; you must save, and that’s how you create wealth through savings and investing,” said Henry.