Let’s be real, the festive season in Nigeria comes with an exciting vibe but a whole lot of spending! Detty December is full of concerts, parties, festivals or owambe invitations, gifts for family and friends, and miscellaneous costs that come from one thing or the other. Before you know it, January is knocking, and you’re looking at your bank account like, “Ah ah, who spent all this money?”
As we count down the days to the season again, I’ve been reflecting with Tricia, a close friend and colleague, who shared her 2023 holiday spending experience with me. Our conversations feel so relatable because she also indulges in a lot from hosting impromptu family gatherings to going to shows almost every other week to avoid FOMO and buying random things for a temporary thrill. January this year for her was tough as she was broke and full of regret. In so many ways, this mirrored my recurrent financial mistakes during the festive season, and it made me realise we both need to do better. So, inspired by Tricia’s experience and my own financial mistakes, here are five hacks to help you enjoy the holidays and avoid the new year, old me wahala!
1. Plan your spending and stick to It
First things first: have a plan. I know planning sounds boring, but trust me, it works. Write down everything you’ll need—new clothes, tickets, gifts, food, activities—and set a budget for each. Last Christmas, I used gomoney’s goStash feature to save funds for my expenses. Once I hit my budget in a category, that was it—no last-minute impulse buys. Digital banking tools like this make it easier to stay disciplined.
2. Stock up early
If you’re waiting until the 24th of December to start shopping, you’re playing yourself. This year, I bought bulk items in November and saved a lot, avoiding unnecessary costs. Plus, there’s something satisfying about beating inflation at its own game.
3. Use spending and tracking tools
The easiest way to manage your money this season is by keeping track of what you’re spending. Set clear limits for different categories like food, gifts, and entertainment. I once realized I was spending more on snacks than on transportation, and that was a wake-up call! Once you’re aware of where your money is going, it’s easier to stick to your budget.
4. Limit group outings
Hanging out with friends during the holidays is always fun, but it can get expensive fast. Instead of constantly going out for dinners, concerts, or events, suggest more budget-friendly alternatives like a movie night at home, a picnic, or a potluck. These low-cost options can be just as enjoyable and help you avoid overspending while still making great memories.
Ultimately, the holidays are about creating memories, not stressing over your finances. Enjoy simple experiences like game nights, beach outings, potluck dinners, or goPlay cards with friends and family. These moments are priceless—and they don’t cost much. Trust me, starting January with money in your account feels way better than overspending just for the gram.
Happy holidays!
