5 Financial Mistakes to Avoid this Christmas

So today is 1st December 2017 which means that Christmas celebration is just 24 days away from today. It’s the celebration month no doubt. If not for anything, at least to celebrate all the hard work of the year and its challenges that we passed through but then, how we go about it is really important. We have discovered that after December, January of every next year is usually tagged the hardest month of the year due to the financial hardship all across the nation. The question it poses is “but why is it always so?” in this article, we will be answering that question by pointing out mistakes most people make that makes their January a frustrating and hard one.

From January to this December, you’ve been working yourself so hard for what? To make ends meet or to see your targets and goals in business thrive? I guess we all have our different reasons of why we are working so hard to raise some money. But then what you’ll be doing with it this Christmas matters a lot. Below are some mistakes to avoid.

1. Saving For only Christmas celebration:
Are you part of the category that saves money as the year is coming to end just for Christmas celebration? That will be a very terrible mistake to make if you ask me. Because Christmas will come and pass and then what becomes of you and your business or Jobs? It is good to save but not just for Christmas or what do you think?

2. Spending to Impress Family and Friends:
It’s somewhat a norm here in Nigeria to show off during the festive periods but the truth remains that the memory of your spending returns nothing in profit since it was just a show off. Financial show offs are only wow expressing and then fades away once the season is over. Spend to make your family happy but don’t spend to impress anyone in festive seasons because there is no gain in that. If you have such money to use to impress anyone, why not think of a business to do with it this Christmas to make some profit?

3. Forgetting January 2018:
Most times, we get carried away by the December grooves and forget that January of the next year is by the corner waiting for us to come take charge of it and make the most of it. While you spend this Christmas, have a financial budget and be sure to include January 2018 in there to checkmate and guide your spending. 

4. Having zero planning for financing your 2018:
Are you already planning for the Christmas celebration without an already laid down plan for financing your 2018 goals? We recommend you start now because it’s not late yet to draft a master plan for your 2018 finances. 

5. Collecting loans to finance Christmas Celebration:
Collecting any form of loan for the purpose of financing this Christmas celebration would be a bad and unwise move to make. Instead of seeking loans to celebrate Christmas, seek loans to finance your goals, business targets for the end of year or for 2018. It will be wiser than collecting loan for celebration as it has more potential to return profit on investment.

Christmas celebration is so fun but should be done with great financial planning. what other mistake do you think people should avoid? please comment.