Hurray!!!!! It’s that time of the year again. it’s the season to be merry, the season to be happy, the season to share & receive gifts and pleasantries (from home and abroad), simply put, it’s the season to spend plenty money!
Christmas is not just a season to celebrate the birth of Christ, it means a whole lot more than that to people, it practically cuts across religions, races, and tribes all over the nation despite the many controversies associated with the yuletide season. While many may not agree to the timing of His birthdate, we can agree it’s a time we can all come together to celebrate the end of the year in grand style.
From secondary school reunions to Ex-University friends hangouts and yearly family meetings at the far east of the country… Christmas has its effect on us all. The corporate world is not left out too, complimentary gifts and packages are in the plans now across most firms as they look to end the year and appreciate clients and customers for patronage during the year.
As you are reading this there’s every chance that you’ve saved up a sum for this season or received your November salary sitting tidily in your account while you ponder how you’re going to spend this money!
December is just a couple of days away and it comes with a special feeling of its own, you want to go shopping for groceries, you want to send some money home in preparation for Christmas, you want to buy that new dress to pepper dem at the staff end of the year event and the list goes on.
A lot of things to do, not so much money to spend. This is the current predicament of many reading this currently, maybe even you! Some firms make it easy for you by paying December salary upfront (if you’re lucky, some pay 13th month) so you can have enough to spend for the season.
Now, here you are thinking of what and how to spend big this December when you have not sorted November’s debts? In the words of Dr. Joe Abah ‘’you self think am’’?
Christmas is not here yet and from your calculations, money don finish! After sending money to the regular monthly channels, paying for chicken, oil, tomatoes, rice, salad ingredients, stocking up the house for the holidays and visits, etc before the price skyrockets, how much remain for your account, my dear? It’s not even the new year yet and for some, that’s another level of celebration!
Picture this scenario, You swiped your ATM card/ made a tingg transfer a couple of times to make payments for Christmas related expenses, pay for drinks with your friends at the reunion hang out, settle cousins and other relatives who came visiting and now you have no funds to pay second term school fees… tragic right? Throw in the mix that you have to fuel your car/pay transport fare for that long January month, I don’t want to be you right now. So, what do you do to avoid this mess? How do you spend adequately in December for all these celebrations and still keep a tidy sum to last you through January?
It’s simple, Budgeting! Basic economics taught us how to use and utilize the scale of preference for our financial benefit.
Budget your salary (savings) and draw up a realistic scale of preference that covers all necessary expenses for the next 2 months (December and January).
It’s one thing to draw a scale and it is another to be disciplined enough to see it through. Differentiate your immediate wants from your needs, ask yourself smart financial questions.
Do you really have to change your phone to the latest one in stock currently? Do you have to change your TV at this moment? Must you buy that banging dress you saw your favourite Twitter influencer on? Must you attend every Wizkid show? Not to deny you the luxuries of life, abi what are you working for if you can’t afford to buy what you want when you want to? Again, In the words of Dr. Joe Abah ‘’you self think am’’?
You have a few weeks to decide your spending and how your finances will fare over the next few weeks. Save yourself a trip to the economist in three easy steps
- make a list of the necessary things you need to do
- Draw a table of preference
- Budget accordingly.
You will thank yourself for sticking to this, trust me! One more thought though, Don’t let your detty December plans lead you to a debt-full January!