Posted on: 19th Nov 2018
If you’re a great spender during the Christmas season and it makes you miserable afterwards (especially when January becomes as dry as Harmattan), then this article is for you.
You can attribute it up to being over-excited or just a general lack of financial discipline, but whatever the case is, it turns out people just find it difficult to save during the Christmas season.
So, how can you make this Christmas different from all others?
Let’s Make A Budget.
Ask yourself – what’s the target? How much do you need to spend and on what items?
Create a list of things you need to spend on. Cancel out those that seem frivolous.
There will be expenses that tend to emerge out of the blue this period, so prepare for them by making room for what is typically referred to as “miscellaneous”. Be careful not to over-extend your budget as this is another common mistake that makes people to go overboard.
Trim Down the Budget.
Many people end up buying more than they need or buying what they don’t even really want.
For you, this is not going to happen, right?
Before you add all the items in the world on your budget, stop and think – do I NEED this or do I WANT this?
Review your current holiday traditions and note where you have excesses. Having figured this out, you need to cut it. Keep in mind the whole time that the festive period is exactly that, a period – it will disappear as quickly as it arrived.
Stick to That Budget.
Ever walked down the street and then seen those nice pair of shirts or shoes that you know would look perfect on you?
Before you go too far, resist that temptation.
There will be temptations and you will feel the very persuasive need to reach in there and harm your savings. Do not succumb, take a few steps back and retreat. The trick is to pick up that budget wherever you have it spelled out and be reminded that you owe yourself a memorable Christmas treat this season. Pay a blind eye to the numerous holiday offers that will be floating around this season.
It’s nothing but a trap
Save in Bits for the Unforeseen
It is much easier to save N10,000 every month than it is to save N120,000 at a go. Try it and see. However, we know that plans go awry; sometimes, we do not plan things and they go South.
Who’s got your back during those trying times?
We recommend getting an investment plan that has life insurance features added. This way, no matter what happens, you will always have confidence to celebrate Christmas today and the years to come.
In summary, you need a healthy dose of financial discipline, self-restraint and good judgment. Apply these simple principles in addition to the tips above and if you are able to stick to them, you would be the happiest Christmas spender that ever liveth.
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