Raise your hand if you’ve ever gone broke after having a fun-filled December. Yeah, me too. With the holiday season upon us, the pressure to splurge is real, from buying gifts for loved ones to hosting lavish parties and attending a long list of events.
But before you get caught up in the excitement, remember that the 90 days of January is just around the corner, and those bills won’t pay themselves.
Don’t worry, though! We have practical tips to help you navigate the holiday without breaking the bank, so you don’t enter the new year as a broke babe.
Save first
One of the easiest ways to ensure financial security this holiday season is to save first, not last. Depending on your financial strength, you can save as much as 20% of your income and watch it save you after the holidays.
Some platforms give returns on savings, so lock in those funds!
Your budget is not your enemy
Now that you have some money saved, list all your expenses, including gifts, food, and entertainment. Then, prioritise your spending based on what’s most important to you. If it’s not directly beneficial to you, take it off the list and trust me, you’ll be just fine.
To maintain a little flexibility, include a budget for “miscellaneous expenses,” just in case something urgent comes up. Also, stick to your budget as closely as possible by keeping receipts for everything you buy and tracking your spending. This will help you stay on top of how much money you are spending.
I have a daily reminder that reminds me that “My budget is not my enemy, it is there to keep me safe,” you can go ahead and set yours, too.
Expensive doesn’t always equal a good time
Whether you feel obliged to splurge on holiday gifts or book that outrageously priced ticket, remember that cost doesn’t guarantee a memorable return. So, how about trying more affordable options this year?
Take the alternative route of exploring Nigeria as opposed to travelling overseas. There are several affordable yet exciting ways to enjoy the holidays in Nigeria.
Recognise the temptations and say “NO”
With the holiday comes tempting deals to get money out of your pockets. Whether it’s the “buy-now-pay-later” deals or massive sale discounts by various brands, know that they just want your money, and as women determined not to go broke, we’re not going to indulge them.
While they may seem like smart financial decisions at the moment, these deals will keep you spending and leave you dry. Taking the extra step of deactivating your card might seem drastic, but if it will keep you from going broke, do it!
Temptations can also be family and friends who make more than you do, or people who are just not on the same financial journey as you. I’ll hold your hand while I tell you it’s okay to say “NO” to impromptu dinners, hangouts, and trips that will cost you more than your miscellaneous budget. There will always be another December.
While they may seem simple, these tips can help you enjoy the festive season without breaking the bank. Remember, it’s the experiences that count, not the price tag.
Cheers to a magical holiday season!
