Be money wise during the festive season

Consumers spend recklessly around this time of the year
Consumers spend recklessly around this time of the year

January is always a stressful month for most people, especially considering the financial strain usually associated with celebrating the festive season.

As the festive season approaches, there is happiness, excitement and high expectation. Unfortunately, this often leads many to neglect their budgets as they enjoy the celebrations of the Christmas season. It is very vital and also perfect time, however, to start sensible planning hence overcome the temptation of excessive spending.

This is the time of the year that many Batswana travel to exotic and wonderful places to refresh their minds away from work, but not all of us do that. Some visit their families, friends and colleagues, attend and organize parties and also celebrate with music artist at various events. Most of these expenses are not budgeted for and most Batswana tend to spend more than necessary on clothes for children and families, gifts for friends, drinks and food.

It is important to take to heart, however, the importance of prudent and careful saving and spending during the festive holiday. This is an important time for Batswana to reunite with their families and friends and usually a time they do not care how and what they spend.

 “Our extensive footprint in Africa and in key global financial markets, combined with the expertise and experience of our on-the-ground teams, enables Stanbic Bank to guide clients through challenging and complicated financial situations. We are a committed institution and we do pay attention and support our clients through and through while also striving  to empower Batswana with the information, to be money-wise this festive season and beyond,” said Calistas Chijoro, Head of Customer Channels, Stanbic Bank Botswana.

Top tips to help avoid the January financial hangover:

Always distinguish between what you want and what you really need.

Avoid buying to impress families, friends and colleagues.

Stop being everything to everyone, because the end of the season will come and one will be left with some great memories, nice pictures with an empty account and therefore I encourage you not to be afraid to ask for contributions towards expenses.

Draw up a Christmas budget and stick to it.

Open up a Christmas saving account and put small amounts every year and if you did not save, don’t borrow to spend.

If you did not budget for a festive season trip, stay at home.

Invest in money box for children.

When you see ‘Sale think Save’.  

Make a list of things you need before you head out to avoid impulse purchases. “Christmas is just around the corner and the debt trap may also await in the New Year if we are not careful. We urge all Batswana to be responsible during the festive season, be money sensitive and spend money wisely to avoid spending January trying to pay off December debts,” concluded Chijoro.

Editor's Comment
What about employees in private sector?

How can this be achieved when there already is little care about the working conditions of those within the private sector employ?For a long time, private sector employees have been neglected by their employers, not because they cannot do better to care for them, but because they take advantage of government's laxity when it comes to protecting and advocating for public sector employees, giving the cue to employers within the private sector...

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