You probably spent a lot during the festive period. We are in the New
Year, it becomes a necessity for you to control your expenses because of
the December expenses. Hence, it’s time to start thinking about how to
put a lid on your spending.
Prepare a budget
You
already know this. But we have to keep reiterating as a reminder.
Setting up a budget is the first step towards financial order. You can
download a budgeting app to keep track of your income and expenses. Do
not hesitate to dedicate a few days to this.
Set limits for total holiday spending
Give
your debit card and your mind a holiday by limiting what you buy to
what can safely come out of your bank account. Use the opportunity to
create or get your budget into shape, and use it to decide how much
money you can afford to spend.
Budget based on your own finances
A
budget is key to controlled spending. Hence, budget based on the money
you earn. This will prevent you from over-budgeting. For example, if you
earn N50,000, your budget should not shoot past this amount.
Adopt an improved spending habit
naira you spend on gifts, you could find a way to deduct that amount
from your regular spending. Around the holidays, you can use those
savings to buy presents. So, planning ahead is very important.
Organise group volunteering parties
the holidays. Give them the relief of forgoing buying gifts for you by
organising a group volunteer party where everyone brings something
edible to the table.
