The festive season is here!
A season of joy, of love, of sharing, and undoubtedly, a season of premium spending.
You have toiled, strived, and worked from the first day of January through November and it’s time to sit, relax and detty your December.
While this seems like a perfect plan, it is important to also consider being who the holy book calls the wise servant, who applied wisdom.
Know that after your last sleep of 2021, January 2022 will come knocking, and oh you better be ready for all the expenses and billings that come with it. It is expedient to watch your spending this festive period, to keep January’s potential tears away.
Thus, The News Beam has compiled 5 simple tips to help control your spending during this period.
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- Budget:
Get a pen, get paper, or well get your phone and notepad app. The point is to get whatever it is that can help you easily document. Now, have long thought about everything and anything capable of getting you a debit alert- travel expenses, food, family gettogether, shopping, gift items, entertainment, Merry Christmas dash. When you’re done, pen it all down or type it all out.
Next step? Take a long look at the listed items, look out for those that you can do without, and cancel them out. Listen, the heavens won’t fall, strike them all out. You should now have a list of items, events, programs, and every other thing that’s worth a naira in your wallet.
Now, attach a price to them- envisage the amount you might need to spend, increase it by about 5% (because the well this is Nigeria where prices change within a split of seconds). This majorly helps in avoiding impulse buying and overspending.
- Buy Ahead
It is no news that the Christmas season comes with several hikes in prices of goods and services especially a few days before Christmas. So why don’t you get yourself to the supermarket or any market at that and buy every non-perishable item you might need to celebrate Christmas ahead? Commodities are still quite cheap so it’s best to save more and buy early. Don’t forget to shop with your budget list, it helps keep track of your expenses.
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- Keep your eyes open for Black Friday deals and festive sales
In the spirit of Christmas, your favorite brands might offer a number of slashed prices on deals. In fact, it’s always a discount galore in December! Watch out for those. Visit their websites and social media pages regularly to find out what price deductions they are offering. It might also be wise to keep your eyes wide open for supermarkets and stores offering Black Friday deals. Before you shop online, perform a quick web search for coupon codes for your favorite online stores. Nobody hates spending less for more.
- Make Your Own ‘Naughty or Nice’ List
This month you have to be like Santa and not be like Santa at the same time. Hear me out. Santa doesn’t have the monopoly of getting a ‘naughty or nice’ list; be like Santa by getting yours too. Santa gifts presents to anyone and everyone, don’t be like Santa. Get a list of people outside of your immediate family to whom you usually give Christmas gifts, and thoroughly scan through it. Now, think about it, do they really deserve it? If they don’t, snip them off the list, or well you can also get them something cheaper.
That way, you are spreading your holiday cheer, but definitely not doing your bank account any harm. When doubts arise about buying less expensive presents for those on your list, think back to what you received when your family and friends were on a tighter budget. In the new year, you’ll be better friends if you don’t create debt loads.
- Self-gift with caution
You’ve worked hard for your money and you’ve saved enough for the year. You might say to yourself, it’s showtime. Yes, it’s showtime, but there is always a ‘the end’ after every show. Not to be a killjoy but you have to shower gifts on yourself with caution. You can always spoil yourself and take yourself on a treat at any time of the year, there is no fixed time for that.
It may not be easy to avoid overspending during the holiday season. An extra effort will be needed. However, your January will appreciate you for it. That’s a promise. You’ll find yourself singing “Joy to the World” all over again when your holiday bank statements arrive in the New Year if you follow these tips.
December, December, December
