The holidays are over and many of us have spent a lot of money to enjoy the season. But now we are back to reality and we must stack up our savings again. Hence, it’s time to start thinking about how to put a lid on your spending. In line with this, here are ways to control your expenses this New Year.
Prepare a budget
You already know this. But we have to keep reiterating as a reminder. Setting up a budget is the first step towards financial order. You can download a budgeting app to keep track of your income and expenses. Do not hesitate to dedicate a few days to this.
Set limits for total holiday spending
Give your debit card and your mind a holiday by limiting what you buy to what can safely come out of your bank account. Use the opportunity to create or get your budget into shape, and use it to decide how much money you can afford to spend.
Budget based on your own finances
A budget is key to controlled spending. Hence, budget based on the money you earn. This will prevent you from over-budgeting. For example, if you earn N50,000, your budget should not shoot past this amount.
Adopt an improved spending habit
Try to embrace or develop a new spending habit. For example, for every naira you spend on gifts, you could find a way to deduct that amount from your regular spending. Around the holidays, you can use those savings to buy presents. So, planning ahead is very important.
Organise group volunteering parties
Your friends probably struggle with overspending as much as you do over the holidays. Give them the relief of forgoing buying gifts for you by organising a group volunteer party where everyone brings something edible to the table.
By Damilola Faustino
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