How not to overspend during the yuletide in Nigeria

The yuletide season in Nigeria is often marked by celebrations, travel, and gift-giving, making it one of the most financially demanding times of the year. While it’s a time for joy and family, overspending can lead to financial stress in the New Year. 

This article offers practical tips to help you celebrate within your means without sacrificing the festive spirit.

1. Think Ahead

Proper preparation, they say, prevents poor performance. It is important to think and plan ahead for every aspect of our lives. Celebrating Yuletide comes easier when plans are set in motion months ahead, not just a few days before the festive period. 

Learn to set aside a small “festive fund” from the beginning of each year until the festive season arrives. This will reduce the financial strain when the season arrives.

2. Plan Your Budget in Advance

According to George Washington, we must consult our means rather than our wishes. To avoid overspending during Yuletide, endeavour to create a detailed budget that outlines your income, savings goals, and festive expenses. Most importantly, stick to your budget religiously to avoid impulse spending.

3. Prioritize Needs Over Wants

Inspite of the excitement that comes with the yuletide and festive season, it is important to focus on what truly matters, which is your needs over wants. By all means, avoid unnecessary purchases, especially on luxury items that can strain your finances.

4. Avoid Last-Minute Shopping 

The best time to get all you need for the yuletide is days ahead, as prices of goods tend to spike when the yuletide is very close. You should make early purchases, buy in bulk, and take advantage of end-of-the-year discount sales.

Read Also: 10 beaches in Lagos to visit for yuletide festivities and year-round fun

5. Avoid Debt

It can be tempting to borrow money or outdo your means during the Yuletide. However, it is expedient for you to know that starting the new year with debt is starting the new year on the wrong foot. Instead of borrowing in the yuletide, ensure all yuletide celebration plans are within your current financial capacity.

6. Travel Wisely

An exciting activity that characterizes the yuletide season is various travelings we embark on to see loved ones or as an escape from the hustle and bustle of city life. Regardless, your travel plans should not be an avenue for you to spend unwisely. You should instead book your flights early, travel with friends/family members, or stay back at your base if you cannot afford such trips during this period.

7. Do not impress anyone 

During the festive season, resist the pressure to impress anyone. Do not do things in order to impress your friends and loved ones or in order to prove a point amidst your circle.

It’s easy to get caught up in the competition of extravagant gifts, expensive outfits, or elaborate parties during this period, but remember that the true essence of the season is love, gratitude, and togetherness—not material display.

Celebrating the yuletide season doesn’t have to mean emptying your wallet. Remember, the true joy of the season lies in the moments shared with loved ones, not in how much you spend.