My name is Joshua Udom,

I find this article educating that is why I would like to share it with you.

Recently I find out that the main reason why people seem to spend more money during Christmas is poor financial planning. As we might have noticed, then the New Year usually comes with a certain kind of hardship, that if not effectively observed can lead to disastrous financial constraints.

So here are steps to take to avoid or reduce overspending

Create a Budget and Stick to It
To ensure that you do not overspend during the holidays, create a budget, and stick to it. The regular items that you spend on every month as well as extra expenses such as vacations, special meals, and gifts. When you’re budgeting for extras try to be frugal but also ensure that you are being realistic about your expenses. This means that you should not overspend but you should not also deprive yourself of having fun. After all, it is the holiday season!

You do not need to put yourself under unnecessary pressure. Keep that in mind and stick to the good financial principles of budgeting for your income and expenses, keeping to your budget, and avoiding unnecessary expenses.

Watch Out for Your Overspending Clue.
It’s not just about paying close attention to your budget, it’s also about being able to recognize the things that may cause you to overspend, and avoid those. Avoid putting yourself under too much pressure especially to do things that might cost you too much or more than what you bargained/budgeted for.

Do Not Be Afraid to Ask for Help.
Do not beat yourself up if things do not exactly go according to plan. Once you realize you need help, ask for it because staying financially uninformed and not seeking help does not do anything to benefit you. As a bank that highlights better money management, we want you to understand that we are always ready to help. Microfinance Banks offers several loan packages with flexible repayment plans and low-interest rates. So if you need a pick me up, we are happy to help.

Create a Stash for the Month With 51 Days
January and Febuary usually feels like it goes on forever but one way to tackle this seemingly unending month is to ensure you are financially ready for it. One of the easiest ways to ensure your January doesn’t come at you too hard would be to create an emergency fund in a savings account such as the target account

With the Target Savings Account, you can save towards a specific period, project, or event with ease.

The most important requirement to ensure that these steps are followed to the latter is discipline.

Don’t let the fun festive times be financially ruinous. Budget for your January and February expenses and you’ll start the new year with fewer financial worries.

Joshua Udom

Nice one

chatinent:
Nice one

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