Cut Your Coat to Your Cloth this Christmas

Omolabake Fasogbon

In a couple of weeks, it would be Christmas.  Already, the signs are trickling in, with manufacturers, traders and consumers gearing up for the yuletide season. Christmas is an occasion specially savoured and cherished that families and individuals start saving for it as early as the beginning of the year and some, few months to the season. Needless to say that it is a season of giving, most times in excess too. 

Lately, consumers are adjusting their lifestyle to suit present economic situation, occasioned by the removal of fuel subsidy by present administration as well at the forex rates unification.

That notwithstanding, the thought of reality often eludes for an occasion as Christmas, as man would want to rock in his best, same for his dependants and would not want to be left out of the merriment of the season.

This is proven in Deloitte’s recent research stating that inspite of pressure in economy, seven per cent are planning to spend more for Christmas, while 29 per cent (down from 39% in 2022) plan to spend less, for Christmas in 2023.

The effects of Christmas shopping spree often come toxic, especially in the first quarter of following year, leaving individuals dealing with it alone.  With proper finance planning, this may be avoided.

From market findings and tips culled from ‘Good Housekeeping’ site, THISDAY presents clues to having a classy and fulfilled Christmas without having to break the bank or run into insolvency thereafter. 

Plan/Break down your plan before you spend

Making a budget will not only help you to limit your spending, but knowing what exactly you need and how much it will cost can help to reduce your financial anxiety. Many things are more expensive than they were this time last year, so make sure you take this into account when planning your spending. In between, adjust your shopping list to suit your budget. 

Keep track of your spending

Once you’ve set a budget, keeping track of your spending means you’re less likely to bust the budget. If your bank offers you alerts for when your current account dips below a set amount, opt in. Gladly, several apps are now available to help one keep track of spending. Alat by Wema, Piggyvest and Fair lock are few that can serve this purpose. 

Before borrowing, look at where you can cut costs

If making ends meet over Christmas looks like it will still be a struggle, be honest with close friends and family; most will be happy to take a rain check on presents or plan something special together in the New Year.

Join Retail Club                                                                            

Signing up to a retailer’s newsletter can bag you an immediate discount, such as 10 per cent off your next purchase. You’ll also be the first to hear about Christmas discount events. A retail store in Lagos, PricePointe operates this kind of club.

Avoid Last Minute Rush

Christmas shopping is often recommended between September and November, while some people delay a bit on financial ground, it is quite understandable. Early shopping will mean shoppers have a great deal of varieties to select and are sure of getting the best, even at a much cheaper price. You are sure to experience less stress and keep your mental health intact. It is even more thoughtful now that prices of commodities are no longer stable in the market. Already, there are speculation that prices will soar uncontrollably for December rush. The shopping is better done now. 

Buy Second-hand

Either for the family or someone else, this would not also be a bad idea to save cost. The rule is to do whatever you do within your means. Shopping second-hand is also considered more sustainable and frugal, and you can find some treasures.  To get the best of second-hand means one will be strategic and Intentional too. For instance, you can get your second-hand clothing at Yaba or Katangua market in Abule Egba, Lagos. Visiting these locations on their special market days, -Mondays, Wednesdays and Fridays very early in the morning, you can be sure of quality grade material that are as good as new.

Be Smart about Delivery

Paying supermarket delivery fees can really add up. A delivery pass, where you pay an upfront fee for deliveries from your favourite supermarket, may work out cheaper. If you are posting a present, research to find the most cost-effective option. It is worth checking different delivery and courier firms at comparison sites to find cheapest option. 

Don’t lose your head over sales

The golden rule of sales is: it’s only a bargain if you were going to buy it anyway! In the deluge of deals like Black Friday, try to resist impulse buying.