Is it too early to say Season Greetings? It doesn’t feel like the happy season is here yet… hmm, it may not feel like it, but it is definitely here in a few days! We know it has been a daunting year, everyone has had their share of ‘drama’ but let us do ourselves a favor and look at our glasses half full, instead of half empty! There is always something to be grateful for, always!
The season in itself is daunting for some people because of the additional expenses it brings. For some, the pressure to meet up some family or peer obligation can be quite overwhelming especially at this time. Now is not the time to want to impress anyone, maybe next year we can go back to impressing each other!
Did you know that it feels almost impossible to meet up December expenses with just what we earn in the month of December? It is a fact that not many would have saved up as much this year. Bearing this in mind, would it not also make sense to drastically reduce our expense too, in order to be commensurate with what we have earned. After all, Christmas is a season to be happy and keep enter into the new year with that feeling and air of fresh breathe, not spend beyond your means and then step into 2021 swimming in the deep waters of debt.
So let’s check out a couple of Dos:
- For parents who fall into the category of fees payment: Focus on getting the school fees paid for 2021. Apparently, schools have resumed and we all know what that means. New Year comes with shopping for new items. This expense is a NEED and not a WANT and should be given adequate attention from this year before the New Year unwraps itself.
- Make plans based on a budget. Please sit down and write a budget to guide you on how you spend this season and going forward. And work on developing this as a habit, it would save you from a lot of heartaches.
- Learn to say ‘no’ to anything that you cannot afford or is outrageously inconvenient.
- Do remember to get your kids involved in preparing them for the new school year. Find fun ways of reinventing the old to look new. It will definitely also help in teaching children the value of money.
And for the Don’ts
- Even with a budget, be sure that you do not purchase things on credit working with a theory of spending in advance.
- Don’t buy expensive gifts, look for cheaper alternatives or try your hand at making or giving home-made treats. People 2020 is a different year, we can afford to do things differently.
- Don’t go on a ‘sales’ shopping spree even with your 13th month salary, if it comes! You and I know, sales does not necessarily mean we are saving, truth is, we end up spending more by purchasing more thinking we are having bargain buys. Many people struggle when it comes to resisting a supposed ‘good deal’. Stop prowling Instagram and shopping malls; in fact practice ‘spending distance’.
While you may save 60% on a bag you don’t really need, think about this – you will save 100% if you WALK away!
- Don’t forget to start 2021 right. Determine what the year will look like in terms of expenses – practice little changes over the holidays, as such changes can yield good savings for you and the family.
There is no short cut to being financially comfortable. It requires us to be disciplined and have a finer appreciation of the value of money.
We hope that you will take these lessons and imbibe the culture of #SpendLessSaveMore.
Until next time, talk to you soon.