Common Financially Destructive Habits to Avoid this Christmas

Christmas is almost here, and if you are a typical Kenyan in his or her early twenties to late thirties, you probably have one thing on your mind, parte after parte and “making it rain”.

Here is the thing about the holidays, most people overspend, given that most companies pay salaries in December twice so that their employees can enjoy Christmas.

During the festivities, most Kenyans feel so overloaded with the pressure of trying to live up to unrealistic expectations of a ‘perfect’ Christmas.

Additionally, TV adverts and newspaper inserts are encouraging us to embark on the usual Christmas practice of “shopping ‘til we drop”.

This Christmas, ensure that when Njaanuary comes knocking, you will be prepared and stress-free by avoiding these common financial mistakes:

Trying to Impress your Family and Peers

It is the tradition for families living in Nairobi county to travel back to their ushago and with these, most people feel pressured to put up a facade of living the large life to their village peers and families.

It has been joked severally on social media that during Christmas, the car hire business is usually on a boom, due to the high rate at which Nairobians hire cars so as to impress their village people.

With this, most fall into debt or end up overspending their earnings and savings.

This Christmas, try to be as honest to yourself and your family by taking a matatu or bus to your village and avoid going into financial debt

Not Planning

Planning is very important during Christmas because it helps you avoid overspending, impulse buying and making other unwise decisions.

It is very important to draw up a budget for your Christmas spending – not just gifts, but the additional spending on food, drinks and socialising.

Trying to Keep Up with Your Peers

With all the parties and social gatherings planned, it would be in your best interest to stay within your means and not try to keep up with the parte after parte lifestyle of your peers.

You don’t have to show up to all the parties and social; gatherings planned by your social groups, especially if it means you will overspend.

Sometimes, saying no will go a long way in helping you manage your finances.

Not Tracking your spending

Keeping track of your festive spending is the best way to avoid going over your budget this Christmas. Use an app, write it down, or keep track through your online banking.

Read Also: List Of 10 Names To Avoid This Festive Season To Save Money