Festive season shopping tips

25 Nov, 2022 - 00:11 0 Views


THE festive season is upon us and consumers get carried away with spending money like confetti on luxury items, goods, and food, forgetting that come January social media platforms will be awash with images depicting abject poverty in households.

This will be a far cry from the feasting on delicacies reserved mostly for parties, weddings as they find themselves in hand-to-mouth situations that have resulted in this condition being known as January disease.

Civil servants are smiling all the way to banks as bonuses have been paid beginning last week, while other employers are set to follow suit after they are paid their 13th cheque giving consumers extra disposal incomes to spend.

There is therefore need for responsible spending on the part of consumers in order to avoid getting into debt after the festive season has ended. There is need for consumers to embrace financial literacy.

Steps to consider:

Prepare a household budget that includes a spending plan where money should go in form of a family calendar, tracking incomes and expenditures intended for a month

Items to include in the household budget:

 Necessary expenses i.e. food — needs /wants

Utilities — water, electricity

Shelter — housing or rentals depending on where you reside


School fees

Emergencies, funeral, medication, travel expenses

Importance of budgeting

Know how one is spending their finances

Helps one determine their priorities and any changes

Plan how to use your money present and future taking control of finances

Shopping tips for consumers:

-Prepare a shopping list of items and try to stick to your budget

If you go shopping walk the aisles whilst taking essentials

Keep an eye out for items on specials, discounts and bargains. It is important to check sale by dates

Take advantage of advertised discounts or in-store promotions to save money

Avoid (peacock mentality) that is showy, flash spending more than you have 13th cheque entails consumers having extra disposable cash they could set aside for purchasing household property

Be on the lookout for contract of sale agreements such as credit schemes, hire purchase, Lay-buy agreements, and land barons who could possibly rip off people if they do not undertake due diligence


Commit to a savings plan even starting small

Create a financial plan, preparing a clear vision for the future setting goals either short-term, medium, or long-term

Consumers generally have a short memory of expenses, hence need to prepare a budget to ensure keeping track of expenses and expenditures

Debt is expensive to keep at manageable levels to avoid over borrowing

Plan all your expenses and avoid ad hoc and unplanned expenses

Allocate a certain amount for savings

This article is produced courtesy of Public and Communications department contacted on [email protected]    New Ziana

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