It’s that time of the year when the streets are merry, and the air is filled with laughter and tantalizing smells of chicken and Chapati.
It is a time for sharing and I know we all tend to get a little carried away during this time. In true Kenyan spirit whatever Mhesh wants Mhesh gets.
I’ll be sharing a few tips with you powered Absa on how to share with loved ones, have a good time and still have cents left to propel you through Njaanuary.
Absa celebrates you for working towards improving your relationship with money as you enjoy the festive season and prepare for a successful 2023. Pamoja Tunawiri na Absa!
- 1. Make a Budget and Stick to It
Even if you usually don’t make budgets, try it this time. Write down a list of all the things you plan to do and note the price against each activity.
This will help you to avoid overspending during this festive season. Make sure you stick to that budget strictly.
- 2. Avoid last minute travel
Now, if you have not already travelled, chances are that around Christmas you will pay more. It is always expensive to vacation during the festive period which is the peak season for hoteliers and travel agents.
If you hadn’t budgeted for it and booked early, avoid it all together. Take a vacation in the off-peak season and you’ll get good discounts on flights, accommodation etc.
- 3. Take advantage of sales
Do you want to save money and take care of your dry January? Take advantage of the many festive sales and deals available. You’ll save money on household shopping, gifts, clothes shopping etc. Make sure to use your Absa debit or credit card as well. With an Absa credit card, you get more than financial freedom. You get cashback rewards on purchases and discounts at select outlets locally.
- 4. Don’t give in to Pressure
Some of your friends will be flying to Dubai or even Maldives. Don’t fall into that trap and join them because of the fear of missing out yet your friends probably planned for the trip 10 months ago. If it’s not in your budget, then don’t board that plane just to show you’re doing as good financially as they’re.
Allow them to do whatever they want - as for you do what’s within your means.
- 5. The 50:30:20 rule
Once you get your paycheck if you’ve been practicing the 50:30:20 rule then keep at it.
If not, I'll hook you to it. Well, an altered version for the festive season anyway.
The rule basically calls for you to save 50% of your earnings for bills and utilities, remember January has like 45 days and you’ll still be required to pay rent and other services.
The remaining 30 % you can use to get your family presents and treat them out, save that ka 10%, and throw it in your Absa savings account. If you don’t have an Absa Savings Account you can open one online anytime, anywhere and start transacting. You get to earn interest daily on balances held in the account, with a bonus when you meet your savings goals. The less you transact the more interest you earn.
The other 10% let your village people know that your pockets are not dry.
And in whatever you do, no matter how good the sherehe may get don’t touch your savings account.
