It’s less than 48 hours until Christmas, and the usual buying frenzy has started.
We all know that December is synonymous with spending, splurging, and splashing money (if there is such a thing).
Friends, the Christmas adrenaline will kick in fully this week, and many people will be caught unguarded.
But what is the essence of a “merry-go-round” December and a “somber January”?
While I am not opposed to a wonderful Christmas celebration, I do believe that celebrations and spending should be thoroughly planned.
It’s okay to have a soft Christmas, but January must not be hard, please.
January is real, and so are your goals!
And January wouldn’t take care of itself.
Keep your spending real and within the boundaries of your financial capacity.
You can have an amazing December and an even more amazing January with your resources. With proper planning, you can BEAT IT! You can beat the usual “longest month” and “no money” syndrome that is synonymous with January.
Work with this “BEAT IT” formula to win with your finances this Christmas season and well into the New Year.
BEAT IT is an acronym that is explained below.
Budget
Sort your spending into essentials and non-essentials, as well as pre- and post-Christmas expenses. What are the needs that you have to sort out in January? Examples are: school fees, rent, subscriptions and a whole lot more. List them out and review the amount of money available to you to meet the different obligations. This will show you why you shouldn’t spend all of your money in December!
There are pre-Christmas and post-Christmas expenses. Place your focus on the post-Christmas expenses, such as rent and fees. Don’t exhaust your funds during the holiday season.
Eradicate Waste
So there is the tendency to want to keep buying stuff that will make the holiday interesting. Some people will be hosting friends, while others will be hosted by others. It will help your finances to carefully make a list of the exact things you need, so you don’t have things you don’t really need after Christmas.
For example, I have seen myself purchase a lot of decoration accessories that left me wondering if our Christmas tree is going to be up all year in 2023 and if we are going to win an award for its beauty.
Purchase the things you need and intend to give out.
Make a good list and stick to it. Don’t buy anything that you’ll end up thrashing!
Read also: How to Take Back the Joy the Grinch Stole from You
Action Plan (for the new year)
Write out your short-term, mid-term, and long-term goals. It should give you an insight into what you need to spend money on. Short-term goals are the things you intend to achieve within one year, mid-term within two to five years, and long-term within seven years and above as much as you can.
Track your spending
It is not enough to budget; please check your actual spending relative to your budget and be sure it’s in order as the days go by. The use of an app, or perhaps a jotter will help you accomplish this. This might be a bit difficult to do on a day-to-day basis but ensure to keep an eye on where your money is going.
Investments
How about gifting yourself a mutual fund account before the year runs out? Or a particular type of investment from your Christmas bonus or 13th month salary. Beyond the festivity spending, you can reward yourself with something that has the potential of returning economic value to you in the future.
Yes, you can. With a minimum of N5,000, you can open a Nigerian investment account or money market mutual fund, especially if you haven’t started investing. Check with your bank and any asset management company of your choice. Ask them questions about opening an open-ended mutual fund account. You can even decide to do a dollar-denominated mutual fund with a minimum start amount of $1,000.
You may also choose to buy the stock of a desirable company.
Time Management
Manage your time properly and thoroughly during these last few days of 2022.
Enjoy yourself but be conscious of time. Celebrate, but don’t lose sight of the fact that work starts right after, in the new year and your goals necessarily need you to accomplish them. Plan how you will spend the holidays and prioritize what is necessary.
Keep an eye on your wins, especially with your habits, and make sure you don’t lose the things you have built this year.
Here’s to wishing you a Merry Christmas!
