Spending during Festive period

By Oluwatosin Praise-Fowowe 11 December 2019 Hits: 1455

The holidays are here again! It is the time of the season where we get to buy, have fun, spend our money on memories and do a lot of fun things together with family and friends.

It is also that time of the year where will let our money guard down. It is that time of the year where we are easy preys to the emotions of the season.

The festive season is a period of loving, giving and sharing but when these are not done right, it leaves a lot of people broke financially.

You need to ensure that you do not get carried away with all the buying, cooking and feel-good of the season.

In Nigeria where I live, I hear people say that January is an unusually long month, probably the longest month of the year.

The truth is, it’s just the same 31 days as March or October. The only difference is that the salaries have been paid much earlier in the month of December so that people can have money to enjoy themselves during the holidays or more like join in the hustle and bustle of Christmas buying.

Let me quickly share a few things that characterize the aftermath of the holidays.

First, all the money has been spent to provide something special for the family during Christmas and New year festivities so there really isn’t much left for the rest of the month.

No provision has been made for School fees which falls due just a few days into the new year. So unprepared parents start running around for school fees.

What should you do to ensure that you and your family do not get into the trap that most family will end up just as we cross into the new year?

Settle this in your mind

December is just like any other month just that it has a few days set aside for the family to bond and create special memories. Nothing really changes except for 2 days out of 7, December 25th and January 1st. Decide that these 2 days are not powerful enough to throw you in a financial crisis. Plan ahead.

Develop a budget

You need to determine what you really need for this period. What you need not what you want especially if you know that the money is not enough anyways. Develop a budget within your capacity and stick to it. When an idea sounds nice, run it by your budget to determine if it is something you have made provision for or it is entirely new. Then also run it by your logic to determine if it is a need or a want. Remember, you are only to accommodate NEEDS and not WANTS in your expenditures. When you go shopping, remember to go with your list and let it guide what you buy.

Save! Invest!

There are at least 2 types of savings you need to do this period. The saving that denotes paying yourself first and then save the part of your income that will be needed for the new month. I believe if people do this, January won’t feel as long as it used to. A few companies pay their employees early and add a little bonus to it. Determine what is needed in January and plan for it once you get your combined income. To ensure that your savings don’t get spent, move it straight to your investment account. This way, you won’t have much regrets if any at the end of the festive season. If you think that you won’t be able to stick to a plan to save, make it a group thing and involve your friends. Decide to all save a certain amount during that period and hold one another accountable.

Avoid buying on credit

I see this happen a lot during festive season. People buy clothes, shoes, bags and all sorts on credit and slay through Christmas to New Year then they get slayed by the calls of creditors asking for them to pay up. This is a NO NO. You should never be caught in this web, slay and have as much fun as you can within your means. Children don’t need so much to be impressed, What they want most of all is your presence. So be present and bring alive the fun part of you.

Make some money

Imagine me with a megaphone standing on the roof of your house and shouting make some money. Why be a consumer and enrich some peoples’ purses? Bring on your game and get selling too. Make some extra bucks for yourself too this season. Make a deal with a farmer and sell some Christmas chicken. Since you will go shopping anyways why not render it as a service to your friends who are hooked up with work? There are quite a few ideas that will fly this season easily. Watch out for opportunities and latch on to them.

Make this a different festive season. Make the right decision and take the right step.

Let me know if these tips worked for you and your family.

Merry Christmas and a beautiful new year ahead!

Slay and have as much fun as you can within your means. Children don’t need so much to be impressed, What they want most of all is your presence. So be present and bring alive the fun part of you.

Tags :

TFC News & Blog

Let's Grow together..