How to save after festive season spending spree

During the festive season people, spend a lot more than they usually do. Things like gifts and presents, vacations abroad and other tourist resort destinations are favourites. If you have been on mindless spending sprees partly to keep up with your friends and family during the festive season then your pockets must be starved.
Saving requires determination and patience. (Net photo)
Saving requires determination and patience. (Net photo)

During the festive season people, spend a lot more than they usually do. Things like gifts and presents, vacations abroad and other tourist resort destinations are favourites.

If you have been on mindless spending sprees partly to keep up with your friends and family during the festive season then your pockets must be starved.

People who did not plan well and had no thought for the aftermath of the holiday season are at the brink of financial predicaments.

It is possible they unknowingly compromised their ability to navigate some of the worst financial scenarios that typically occur after the festive season.

Saving for the festive holiday aftermath of does not require deep pockets. Saving only requires patience and determination.

During January, avoid using private transportation like special hire taxis and opt for modest transportation. Take advantage of your city’s travel alternatives or even walk whenever possible.

If you own a car, try using shorter routes to avoid unnecessarily consuming your fuel.

Be budget conscious and buy things that you actually need. Go easy on the bars, restaurants, and hangout with your friends at home instead.

When shopping, it is crucial to keep track of various offers, sales, and the price differences at different malls and stores.

People also need to focus more on looking for alternative sources of income and cover up the gap brought about by excessive spending during the festive season.

Overall, the more people spend unnecessarily, the less money they save for their priorities and future needs and this in turn, hinders the progress in their social and economic lives. Saving the little you get during January will enable you survive the aftermath of excessive holiday spending.

frank.kanyesigye@newtinmes.co.rw

On twitter @frank_kay3

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