From Christmas Cheer to New Year Stability: Spending Smarter....

Happy Christmas everyone!
The long awaited day is finally here and I'm glad we all got to see this beautiful day and hopefully enjoying it in our own unique ways.
However,this period also comes with challenges particularly regarding finances. This is the period when the slightest mistake could cost you a lot... Just acting on impulse especially when you're hailed multiple times is enough to cause you financial strain if proper plans aren't in place.

There are many events to attend, numerous invitations to honour, and of course each and everyone of them requires spending. How then do you make sure you don't excessively spend more than you can afford so that January won't overwhelm you and make you start 2025 with a budgetary hangover?

Budget Your Expenditures:

It's often said that failing to plan is planning to fail which is true. Not planning for the expenses you can afford within this period is the easiest way to exceed your limit.
Take out time to outline all your anticipated expenses and give room for miscellaneous expenses ensuring you cover everything.
Doing this alone will keep you on your toes even as you celebrate your Christmas.

Picture Is Mine

Personally, I drafted my plans even before coming home for Christmas, but in addition to this, I did what I will call "double-factor-authentication"😂.
After budgeting for my expenditures and accounting for miscellaneous expenses, I locked the rest of my money in the Opay Fixed feature. This way, I can't access those funds until after the festivities are over, ensuring I don't fall into temptation.

Scale Of Preference:

This is the period you employ your economics knowledge and apply the concept of prioritization.
There are thousands and one events to attend now but the truth is that you mustn't attend to all of them.
Prioritize the ones you could attend but ~~attend mine though 😂,~~ because for every #Weareoutside you do comes with expenses and transportation fees are no jokes nowadays.
You can send goodwill messages to people you couldn't attend theirs too and that could suffice.
In that same vein, you don't need to buy the most expensive items to make an impression... What matters in gifting is the heart with which you gave the gift with.
However, this doesn't mean compromising on quality, rather, aim for meaningful and practical gifts within your budget.

Avoid Impulse Bills

This is the period where impulsive buying is mostly obtainable. Buying anything that catches our eyes this period would be a bad habit because many things this period will surely catch our eyes rather buying just the things we need should be the best thing.

Evaluating the necessity of whatever we want to buy would be the wonderful way to avoid exceeding our budget this festive season.

Prepare For January:

Lastly, put into consideration the new month in your list. Ensuring you cover the routine bills, regular expenditures and upcoming financial obligations such as paying school fees, electricity bills, rents e.t.c
This will enable you have reserve with which you start 2025 with on a solid financial footing.

Source

As WizKid aptly says in his song "Kese Kese", "dem no Dy pay to learn lesson" If you end up not planning very well on how to spend the money you have and enter the new year with loads of debt at worst, you would take nothing less than three months to recover and I don't think that is what you would love to do.
So, make a plan today, budget your expenditures, lock away your other money so nothing gets to tempt you.

The key lies in balancing joy and responsibility, ensuring the fun of today doesn't compromise your fun tomorrow.

Posted Using InLeo Alpha