6 Things You Should Not Do This Christmas

Billions of people around the world celebrate Christmas on the 25th of December every year. What started as a Christian religious celebration is now an opportunity for corporations and businesses to make money as a lot of gifts are bought and exchanged in this period. Because of the pressure to give gifts in this season, a lot of people spend money they don’t have and make other poor financial decisions. In this article, I’ll share with you 6 things you should not do this Christmas. Remember, they’ll be school fees and other bills to pay in the new year.

6 Things You Should Not Do This Christmas

In Nigeria, Christmas is a family celebration. A time where lots of family members come together to celebrate and have fun. On Christmas morning, people share food and drinks with their neighbours and go to church to give thanks to God. Some people decorate their homes and streets.

People of different ages enjoy Christmas for different reasons. The little kids are happy to go see Father Christmas (Santa Claus) and get awesome gifts, young people are happy to get new outfits and hang out at cool spots with friends and the old are glad that their children, grandchildren and great-grandchildren are around them.

Before December 25th, there are usually big preparations for the festival. Therefore people spend time and money to make the people around them very happy during this period.

My Christmas Growing Up

In Lagos, Nigeria, where I grew up, the Christmas celebration was the most amazing time of my life. Weeks before Christmas, my Mum and I would go to Balogun market to get our dresses, shoes, new under-wears and ribbons. My mum would get me and my siblings those matching outfits that have a cap and purse in different colors. Those were the good days. We would pick out hairstyles we liked and make plans to go visit neighbours and relatives who would give us money.

It is possible to have a nice Christmas celebration without overspending because holiday spending mistakes can cost you a lot. It is important to have a Christmas budget to keep you from overspending.

To avoid hiding from your landlord in January, here are 6 things you should not do this Christmas:

1. Avoid Emotional Spending

You know, for instance, how you go for a Yoruba wedding and there is this live band singing your praises that brings out your ego and eventually your money? Yes, that. Do not do it. You might see something nice that you want or want to get for someone but if it is too expensive, let it go.

The easiest way to control your finances is to have a budget. You can have a day-to-day budget that gives you a particular spending limit. Leave your house with only that amount. if you do not do this, you will be doomed from the very start.

2. Don’t Spend Your Savings During Christmas

Because people do not plan their Christmas spending before time, they end up taking money out of their savings. This is the major reason people eat into important funds that can be used to do other important things.

Figure out what you spent on the Christmas celebration last year, this will help you decide if you need to cut back on spending. Then figure out what you need to set aside from each month’s salary into your savings account.

3. Don’t Be Lured By Promotions And Slash Sales

Corporations use promotions and slash sales during the Christmas period to entice people to buy products, even when they don’t need it. I remember when Jumia was doing a slash sale and I bought over 30 bags to sell and make profit.

Turned out none of the bags looked like the pictures I saw and the worst thing was that the money I used to make this purchase was borrowed. I became sick the next day. Imagine what I went through to pay back. Know your limit for purchase and only buy what you budgeted for.

4. Don’t Carelessly Share Your Personal Information

Pay attention to your environment. Never give out your financial status or personal information. This means being cautious about where you shop or give out information online. keep your eye out for suspicious activity in your bank account. With the high rate of kidnapping, minimize the information from you statuses on WhatsApp, Facebook, Instagram and so on.

5. Don’t Be Unprepared For Disasters

Unfortunately, some Nigerians are reactive in nature and not proactive. You should put money aside for unforeseen circumstances, be prepared for the worst. Money-wise, this means having a decent emergency fund and making sure your life insurance is solid. Most dead experience on Christmas day is as a result of no number to pay the hospital bills.

6. Don’t Take Loans To Enjoy

Spending money that you borrowed and will return with interest is a no no. It’s bad enough that they will be a ton of bills and fees to pay in the new year. Adding debt to all that will only make your January unbearable.

Meanwhile, you can look below to find some of our recent articles specially curated for you;

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