It is that time of the year again when terrible financial mistakes with far-reaching consequences for many days to come are made. For most people, these mistakes are followed by regrets, tears and new resolutions never to repeat the same blunders in the new year. But the same cycle is repeated over and over again.
Ironically, the poor are mostly the ones who engage in this wasteful behaviour. The wealthy see the festive season as their best opportunity to capitalize on the ‘feel good’ mood of the season to maximize sales for their businesses.
Here are the rules to survive the season unscathed financially:
- Always remember the first rule of money; it is never found where there is a crowd – when you find yourself doing what every other person is doing or going by the multitude, just know you are standing on the wrong side of money. Money does not go by the crowds, it goes only where the few who understand its rules are;
- Never forget your money decisions affect you individually with no effects on the crowds you may be following or seeking to please – when the curtains close and the dance floor of the 2023 Christmas festivities is completely vacated, what would be left is either lone tears of those who indulged with shear abandon or smiles of victory for the select few who are willing and able to resist the peer pressure not to waste their money in the name of the season;
- Always remember prices are often inflated during the season – the forces of demand and supply play most during festive seasons because the demand often is larger than the supply. Even when you see adverts for ‘Christmas offers’ be careful these are mostly marketing gimmicks to maximize sales. Unless you know the price of the item and are sure of the quality of products on offer, take offers around festive seasons with caution;
- Do not forget schools open the week after New Year – how you manage seasons like this is the true measure of how well you’ve mastered your money. For instance, those with command of their money cannot be swayed by events of one day to forget their obligations for the month and days after the festive season like school opening;
- You can still enjoy Christmas without wastage – good financial masters would have planned how they would wish to enjoy the season and set aside a budget right from January 2023. That is why it is foolish to follow others blindly. On this, the rule of thumb is that ‘there still is sophistication in simplicity’. Do your thing, take time to reflect and enjoy the season in your way under your terms and conditions;
- Do not behave like a sheep – the greatest tragedy of festive seasons like Xmas is the herd mentality. This is following others blindly like sheep led for slaughter. The greatest money mistakes are made out of this herd behaviour. You can only win money games by standing on your own and avoiding following the crowds; and
- If you lack the will and stamina to resist the season temptations, then pay your bills and obligations for January 2024 as soon as you get your pay or income. Once your bills are sorted, then move with the crowd if you must. That way, the post-season stress would be significantly mitigated.