Christmas In Recession: 5 Ways To Cut Expenses Thi...

Christmas In Recession: 5 Ways To Cut Expenses This Yuletide Season

It’s that time of the year again, the festive season is already upon us, the holidays are fast approaching and many people cannot wait to get the groove started and activate the celebration mood as loads of people around the world are currently making preparations towards celebrating Christmas and New Year with their loved ones. However, from the Nigerian point of view, for many, there is definitely going to be a change towards the preparation of this year’s yuletide season as compared to those of the past due to the ripple effects of the ongoing recession which has resulted in the economy sliding backward and an outrageous hike in prices of goods and services. However irrespective of the financial challenges the country is currently experiencing, there are usually some emotions generally displayed during the yuletide season all over the world. They include the spirit of giving, sharing, love, joy and happiness. In order to keep up with the good tidings of the season and still stay true to your purse, I have compiled five ways to cut expenses this season so as to maintain prudency in this thought-provoking economy and to avoid financial recklessness.


1 Don’t Overspend On Gifts:


One guaranteed item you are sure of coming across in many open places during this period are hampers because many will be contemplating on how to reach out to their loved ones in the spirit of the season. One of the ways this is usually achieved is through exchange of gifts. Organisations will be extending a “Let’s do it again in the New Year” courtesy to their consistent and numerous clients by rewarding their patronage with gift items. However, it is highly important to create a budget for expenses in December and diligently stick to it as it won’t be a wise decision to spend all your money in December and then become handicapped financially in January.


2, Don’t Go Overboard With Decorations:


There is no doubt that the ability to play with colours helps to beautify a lot of private and public places during the festive season. This is the major reason many places such as malls, offices, stores, hotels and homes are usually colourful and distinct in the Christmas season. During this season it is important to set your priorities right as moderation is required in the decoration of every space(s) you possess, as a reduction in decoration or none will not change the fact that the world is in a celebration mood. In essence, it is best you stick to this popular saying “Cut your coat according to your clothe”. Decoration is a want and not a need.


3, Save On Travel:

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A lot of travelling normally occur during this time of the year both locally and internationally. Hence a major reason for the increase in flight tickets and bus fares. Consequently, it is important for people planning to make a trip from their base to other destination(s) to book for flight tickets early as this would be cheaper and it is also needed to avoid the last minute mad rush which usually comes at an exorbitant cost.


4, Don’t Go Nuts With Christmas Dinner:


It is important to not only understand the conditions of your purse in times such as this but to also work in tandem with it. Experience proves that Christmas is best enjoyed in the company of family and friends. Therefore, it is not unusual to propose or plan a special moment, i.e Christmas Dinner with your spouse or lover, however it is important to note that if the resources to accomplish this desire will drag your purse into or beyond the red zone then it’s better it remains a wish because if nothing has been learnt by many during this period of recession. It is certain people have understood the fact of committing money into judicious use and not necessarily investing in things that are inappreciable.


5, Avoid Impulse Buying:


Recession notwithstanding, every year it is expected that many will embark on a shopping-spree during the festive season as goods are always auctioned for quick sales within a short time frame which usually tempts most people to go beyond their budget for the period. Also, many families practice the yearly ritual of hosting friends and family either on Christmas day, Boxing day or New Year. However, in trying to make sure all items required to position you as a great host for your guest are purchased, it is important to avoid impulse buying. That is having an unreflective urge to buy items without carefully having a clear thought if there is a need for them or not, this translates into spend without planning.