The holidays are here again and many Nigerians
will pay visits to their favourite mall to pick or two things. For others, they
may prefer to shop online. Whichever one you prefer, you need money to settle
the transactions. And in this present Nigerian economy, money is something you
can’t afford to spend indiscriminately. You should remember that life continues
after the holidays. You have utility bills to settle, children’s school fees
and other essential responsibilities. Since, you can’t escape these duties, and
to prevent any financial hangover after the holidays, we share 5 ways to prevent you from being in such situation.
Make a
list of your cash flow
The number
of financial sources you have will go a long way in determining how you spend
during the holiday. This is because if one source is exhausted, others will suffice
during the holidays. Another way is to allocate each financial sources to a
particular responsibility. Source one may be for Christmas and source two may
be for school fees. And if you have one single source, it is advisable to avoid
Christmas spending so that you will not incur debts.
Develop a
budget
After,
listing the sources of your income, you should then develop a budget. You
should not do this alone. Involve members of your immediate family so that the
budget will reflect what they want. The budget should be based on available
income.
There
should be no impulse buying
If is not
in the budget, you should never buy it. Impulse buying will no doubt make you
spend more. Except what you want is very important, you shouldn’t purchase.
This will help you save money.
Be smart
about giving gifts
Exchanges
gifts and good bags is an important feature of the holidays. If it is 1 or 2
persons you can offer gifts, budget for that 2. Do not go
overboard by giving out gifts with reckless abandon. This will do you a lot of
good. By the way, you can simply apologise to those who didn’t get anything
from you. If you can offer a night stay one of the best hotels in Abuja,
you should go ahead!
Change
your mindset
Christmas
is a time for you to have a good time with friends and family. You need money
to have wonderful moments. However, if you don’t have the money to pull this
off, you should venture into it. Don’t say because a friend is doing it I have
to do the same. So, change your mindset if you want to be in a financial mess
after the holidays.
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