The season to be jolly is less than 175 days away. Like everyone else, you likely have a wish list for things to buy for yourself and loved ones during the Yuletide season, not to mention proposed trips, goodwill gatherings and gifts to charity organizations.
So how do you get financially prepared for Christmas? Here’s an easy solution; start saving money for Christmas as early as August, september, or any other month before December.
Now is an excellent time to start thinking about [and saving for] Christmas. This guide will help you:
ESTIMATE HOW MUCH YOU WILL SPEND
Drawing up a mental list is usually not enough, put it down in paper. First, how much do you intend to spend on gifts? If there is a specific total Naira amount, divide that by how many relatives, friends and co-workers you plan to buy for.
Not sure how much for each person? Then pick an amount you are comfortable enough with to spend on a gift for everyone. Whatever is your price point, figure it out now….. Not when the Christmas sales are going on!
Christmas gifts aren’t only what you need to budget for, holiday travel plans should be included too. Are you traveling to the east, visiting Calabar for the carnival, or traveling out of Nigeria? Are you visiting family but need to pay for a hotel room? Are you driving or flying? All of these need to be considered and budgeted for.
Figuring out your estimate for December would not stress you. Instead, it’ll prevent you from spending wildly in Christmas and going broke in January.
Work out how much to save each month
Committing to saving a regular sum each month or week is more effective than simply saying you’ll save whatever you have left over, which might be nothing.
Try to be realistic – it’s better to commit to a manageable amount than to aim too high and give up half way. Not sure how much you can afford to save? Start small – put away a stipulated amount every week. If that works, try setting aside a bit more on a regular basis.
One way to save purposefully is through the GT Target account. GT-Target is a high interest bearing account that encourages financial discipline through savings. This product is designed to enable you save towards a specific target – whether it’s for Christmas, a holiday, a new car or a higher education. For instance, if you want to have N150, 000 in six months, you can place a standing order to have N25, 000 automatically deducted from your GTB savings account and transferred into your GT Target account at a certain time every month for 6 months.
Merry Christmas in advance 🙂