The holiday season is here. However, with proper planning and budgeting, we can celebrate Christmas without financial strain.
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On The AM Club with Miriam Mensah and Kojo Daasebre, certified financial coach Peter Asare Nyarko, shared practical tips to help everyday Ghanaians enjoy the festivities while keeping their finances in check.
Budgeting for Christmas
To ensure a joyful yet affordable Christmas, start with a clear budget. Peter urged viewers to allocate their income to specific categories.
- Food: Plan meals in advance to avoid overspending.
- Clothes: Shop for items within your means.
- Gifts and Donations: Make a list of recipients and set a specific amount for each.
- Decorations: Re-use old decorations or go for cost-effective options.
- Entertainment: Choose activities that are enjoyable but budget-friendly.
Percentage of Income for the Holidays
Peter Asare said personal finance is personal, and our spending should reflect our financial situation. He advised dividing our income, dedicating 50% for December expenses. This ensures that we don’t overspend and have funds left for other needs.
Common Mistakes to Avoid During the Festive Season
Here are some financial mistakes we make during Christmas:
- Giving more than you have: Give within your means to avoid financial stress.
- Not budgeting: Failing to plan your expenses can lead to overspending.
- Spending to impress others: Focus on creating meaningful moments instead of living beyond your means.
Lets live within our budget and make decisions that align with our financial goals.
Strategies For Spending This Christmas
You don’t need to spend excessively to enjoy Christmas. Peter advised that viewers avoid financial stress by considering the following strategies:
- Planning our budget and sticking to it: Outline your expected expenses and track your spending.
- Taking advantage of discounts: Look out for holiday promotions.
- Collaborating with friends and family: Host shared dinners at home to reduce costs.
Also, he advised that people utilize budgeting apps to track their expenses and manage their finances effectively.
Bottom Line: By planning ahead and making intentional financial decisions, you can celebrate Christmas joyfully and affordably.
Tune in to The AM Club with Miriam Mensah and Kojo Daasebre for more lifestyle tips. Have a merry Christmas and let’s enjoy this season with financial peace of mind.
