The end of the year is upon us and it brings times of travelling, spending and major financial commitments.
Please go back to lesson 3 on budgets, its quite useful for this festive period
Its important your budget and bank balance emerge “alive” from the end of year spending.
Thus minimize unplanned Discretionary spending as much as possible. In our culture it perfectly acceptable to receive visitors unannounced and entertain them. Have your budget for entertainment clearly earmarked, stick to it…
Holidays also offer tempting offers….” buy one get one free”….be careful. …once you part with cash, your left holding an asset. Before taking up any offer calculate if the saving discount is sufficient tie down your funds eg if a pack of drinks cost N1000 and an offer exists to buy 2 packs for N1500, thus a “savings” of N500, remember that N500 will leave your bank account where it was earning a return….it the benefit of having an extra pack of drink more than the intrest you would earn?
Some deals are quite worthy to consider paying for hotels or air travel in advance….
In summary watch your Discretionary expenses
