Tips to Help You Control Spending during the Yuletide period

The festive period is here again,

But 2020 has been a tough year for the world at large, no thanks to the Covid-19 pandemic.

Most countries of the world are either still in recession or just finding their foot economically.

The fact remains that people still need to celebrate with their loved ones this season.

The Yuletide season used to be a season where most people spend more because of the nature of the period.

From buying gifts for friends and family to organizing get-together and hangouts, this year might not be an exception especially here in Nigeria has Life is gradually returning to normal after the lockdown and curfew imposed after the #endsars protest in many states of the federation.

Looking at the economy currently, things are quite expensive, from transportation, food, and other items but I trust Nigerians “we go still celebrate”.

Here are a few tips to minimize and control your spending this period

1. Set Holiday Spending Limits :

Holiday budgeting is a way to set limits on your purchases and still enjoy the season. this will also help you to monitor how much you spend during this period.

2. Buy things ahead:

It is a normal situation in Nigeria that prices of commodities skyrocket during the festive period especially when it’s about a few days to Christmas. Buying whatever you need ahead will help you get things at a cheaper rate than waiting for the last minutes to get them.

3. Use Cash instead of card: 

While carrying your money in credit or debit cards reduces weight and makes the transaction more comfortable, it’s an excellent spending risk as it often results in overspending. When shopping or paying for goods or services, be traditional, stick to cash. While spending and counting cash are stressful, compared to the many other modern options, it’s financially wise, as it helps the brain to monitor your spending.

With money, when the bundle’s size reduces, the mind becomes more cautious in making decisions to prevent debts and avoid being stranded, but with more digital means, spending is more fun, and in the world of finance, fun is costly.

4. Save more, Instead of Spending

Imbibe the habit of setting aside portions of your earnings for saving and possible investment. You should make sure that you don’t spend and invest later, instead, you should practice saving first and placing a budget on whatever is left.

Learning to control your spending habit could be difficult, but it is possible; it only requires dedication and due diligence. Spending is comfortable, but it doesn’t beat the joy of having more money.

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