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Chidinma Okoli: Quick & Easy Guide to Enjoying the Holidays Without Going Broke



Christmas is finally here! And in typical Nigerian style, it comes with lots of pomp and pageantry. The holiday season is one known for extravagant spending and joyous celebrations. January however, has 31 days before the next pay cheque arrives. You should be financially intelligent and create a budget for your holiday expenses, to avoid being that friend who begs for handouts or takes small loans at the beginning of the year pending when “salary comes”. You can kiss the fear of being broke in January goodbye by adopting these five easy steps:

Have a “holiday” budget
While it is great to reward yourself for all the hard work put in during the year, the absence of a holiday spending plan can make you overspend, leading to debts and misery in the New Year. Having a special budget helps you track and minimize your spending during this period.

Think of how much money you can afford to allocate from your income/salary to leisure activities, then create a budget for that amount, keeping in mind how much you’d need to comfortably live on in January. You can also keep yourself accountable by splitting your festive budget into daily spending limits that allows you spend only a certain amount per day.

Stick to the spending plan
You’ve created your budget, now what? You need to stick to it.

January is usually one of the longest months in the year, especially as salary does not come until month end. It is important you stick to the holiday budget you’ve created. It is also advisable you transfer the money reserved for January to a different bank account, so you don’t squander it in the spirit of merriments.

Remember that your budget is a plan to help you live your best live financially, therefore own it and stick to it.

Look out for holiday discounts and take advantage of them
With the holidays come lots of great deals and discounts, stores clearing out for the year sell stuff at giveaway prices. Some restaurants even offer discounts to customers who come in as a group. Look out for these opportunities and take advantage of them. You can also make enquiries beforehand, on the price list of eateries and other fun spots, to avoid being blindsided by the cost. Find out and go prepared.

Split the bill among friends
Hanging out with friends and loved ones is always fun, it is also a great way to reduce costs, as bills can be split equally among everyone. You enjoy great company while spending less than you would have ideally. It’s a win-win.

Also be wary of friends that make you spend so much. This is the period to confidently utter these life-saving words “I can’t afford it.”

Assess your personal financials
Amidst the pomp and pageantry, find time to review your financials for 2017, look out for your total income, expenses and investments, was there a decrease or increase in any of them compared to the previous year? How much did you set aside in 2017 for creating future wealth, and how can you top that in 2018? Then set realistic financial goals for 2018 and start working towards them from the first day of the New Year.

What other tips are you adopting to ensure you spend wisely during this festive season?

Let me know on Instagram: @FinanciallyLiterateAfrica or mail at: [email protected]

Photo Credit: Yunuli123 | Dreamstime

Chidinma Okoli is the founder of Financially Literate Africa, a millennial-focused company that provides easy-to-understand financial educational content, to help young Africans live their best live financially, and ultimately achieve financial freedom. She strongly believes that learning about finance can be fun, and she has successfully inspired hundreds of young adults across Africa into making intelligent investment decisions with their money through her Social Media Campaign tagged #NotTooYoungToInvest. Chidinma can be reached via email: [email protected] or on Instagram: @FinLitAfrica, Twitter: @FinLitAfrica, and Facebook:


  1. Samuel Oduoye

    December 25, 2017 at 3:35 pm

    Insightful and timely. To help me stick to budget, I seldom move around with cash or debit cards

    • Chidinma Okoli

      December 26, 2017 at 4:00 am

      Yesso! Limiting your access to cash also helps a whole lot. Thanks for stopping by Samuel!?

  2. John Ariyo

    December 26, 2017 at 12:02 pm

    Great post..Thumbs up Chi

    • Chidinma Okoli

      December 26, 2017 at 3:06 pm

      Thank you John! Happy Holidays!

  3. OnomeAya

    December 26, 2017 at 12:09 pm

    Amazing article…precise and enlightening. I can’t even begin to emphasize the importance of financial literacy amongst the youth. It is a pity most of us still don’t see it though. But for those who have ears, they will hear! Thank you for this!

    • Chidinma Okoli

      December 26, 2017 at 3:12 pm

      Thank you Onome! Financial literacy is super important especially as young people. Thanks for stopping by.

  4. Mike Ebuka

    December 26, 2017 at 1:35 pm

    This is a nice advice/instruction, becasue it seems to be what many know, but they tend to forget. Thumbs up

    • Chidinma Okoli

      December 26, 2017 at 3:14 pm

      Lool most people know these things but don’t practice them. Happy are the pockets of those who practice? Happy Holidays!

  5. chisom

    December 26, 2017 at 2:21 pm

    That was a helpful insight., …keep it dear

    • Chidinma Okoli

      December 26, 2017 at 3:12 pm

      Thank you Chisommm!?

  6. chisom

    December 26, 2017 at 2:22 pm

    Wonderful insight….keep it up dear

  7. Amara Eugene

    December 26, 2017 at 5:18 pm

    nice insight dear….keep it up

    • Chidinma Okoli

      December 27, 2017 at 9:35 pm

      Thank you cuz!?

  8. Bunmi

    December 26, 2017 at 5:46 pm

    Great article! Thank you Chidinma.

    • Chidinma Okoli

      December 27, 2017 at 9:36 pm

      Thanks Bunmi! Hope you’re enjoying the holidays?

  9. Belluooluoha

    December 26, 2017 at 6:56 pm

    This is exactly the reaffirmation I needed this season. Am already feeling like I should spend more!

    Thank you chidimma for this!!

    • Chidinma Okoli

      December 27, 2017 at 9:37 pm

      Yaay I’m glad you found it helpful! Thanks for your comment?

  10. Anagor Chioma

    December 26, 2017 at 7:41 pm

    This is a very beautiful post.

    • Chidinma Okoli

      December 27, 2017 at 9:38 pm

      Thank you Chioma!! Thanks for stopping by.

  11. chinedu shibigem

    December 26, 2017 at 8:08 pm

    true,but very difficult to practicalize becos it is festive season and as such,expenses just keep rising

    • chinedu shibigem

      December 26, 2017 at 8:09 pm

      the only thing i can do is to try my best

    • Chidinma Okoli

      December 27, 2017 at 9:41 pm

      Yeah exactly, that’s why having a plan (budget) for your money beforehand would help in curbing your spendings.

  12. Ezeigwe Juliet Chioma

    December 26, 2017 at 11:27 pm

    Well done Chidimma.

    This is helpful

    • Chidinma Okoli

      December 27, 2017 at 9:42 pm

      Wow thanks Juliet!??

  13. Kay

    December 28, 2017 at 11:02 am

    Helpful and insightful. Only if I had read earlier – i might have avoided being so lightly broke – anyway, it’s good information to keep in mind ahead of the new year celebrations and supposedly, would apply for any expenses one is to undertake, whatsoever. Thanks

    • Chidinma Okoli

      December 29, 2017 at 5:27 pm

      Hi Kay! Sad that you did not get to read this early enough, however some of the tips can be applied to managing your finances in the new year, so you do that! Many thanks for stopping by?

  14. Eedee-Bari Nuah Bawoh

    December 26, 2018 at 3:14 pm

    Great one dear!!

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