By Adetunji Faleye
The Yuletide period also known as holiday season is a time of festivities when consumers need to be careful about the way they spend money, especially during this period of inflation, where the value of the naira has drastically gone down. Consumers do buy many things for the upkeep of the family during this period to enjoy their holiday season. This year is not an exemption. However, consumers should consider the following before spending during this Yuletide season:
Budget: It’s essential to set a budget for holiday spending and stick to it. This will help consumers to avoid overspending and financial stress during and after the season. There should also be meticulous planning on how to spend money, to save for the incoming year, considering that students will resume in early January.
Gifts: In giving out gifts during this period, there is a need to consider the interests and needs of the people you’re buying gifts for. Personalized or handmade gifts can be a thoughtful and budget-friendly option.
Decorations: Consider purchasing sustainable and environmentally-friendly decorations, or repurposing old decorations rather than buying new and costly ones.
Travel: If you’re planning on travelling during the holiday season, book accommodations and transportation in advance to get the best deals and avoid last-minute stress.
Safety: Be aware of potential kidnapping, scams and fraudulent activities during the holiday season. Only shop at reputable retailers and be cautious when giving out personal information online. Also, make sure you are extra careful when withdrawing money from POS.
Giving back: The holiday season is a great time to consider giving back to your community. This could involve volunteering your time or making a donation to a charitable organization. But doing so, caution should be taken in order not to exceed your limit, as this can deal a devastating blow in the incoming year.
By considering these factors, you can have an enjoyable and stress-free holiday season while also being mindful of your budget and the impact of your actions on others and the environment.