Ways to manage your Income this season

There are a lot of ways to protect and safeguard your finances so you have a beautiful year ahead with enough cash to maintain your stand after the festive season. Nobody wants to start the New Year with a red account balance and so we’ve compiled the tips below for you to enjoy your holiday and even after the holiday

• Avoid impulse buying

Even without the festive season, impulse buying is a huge killer of finances and income. To avoid impulse buying, it has to start from you. Don’t let yourself fall into the temptation of releasing money that isn’t planned for. To start with, one you have to make a budget first and try to be faithful to it if you want to remain in control of your finances. If you’re a shopaholic, try to avoid shops and stores with very attractive items and remember to arrange in an order of preference (for items of convenience so if there’s an increase, the least can be forfeited) NB - In your list, have a section for miscellaneous just in case you come across any necessary expense you didn’t budget for.

• Avoid credit transactions

Flagrant use of credit is another big killer. Learn to forfeit some items so you don’t fall into the trap of being indebted to someone and suffering from it after the holidays. That beautiful shoe at the boutique or that cologne can come when you have necessary funds but as you don’t, try not to buy on credit. You also do not want one shop owner harassing you when he/she sees you in public or even bombarding your phones with text messages and calls.

• Start setting money aside

As a parent, you know the children resume school maybe second week in January and come last week, you have to pay the landlord or maybe you have to make some new purchases. You, as a student know you need new clothes, new books, a new laptop or something else. Start now to allocate these items – you may not have all the money but at least, a good part of it won’t be bad rather than spending on irrelevant items simply because it’s a festive season.

• Buy in bulk

Bulk purchases are cheaper during the festive period where almost everything is double the original price. You can stock up finances with a friend, a relation rather than purchasing singly. Hopefully, these tips would help you to maximize profit and save a little for the rainy days, or the month of January in this case. Do have a happy new year!       By : Frank Ugo

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