Christmas is Here: Spend Wisely, Experts Warn
Christmas has arrived, bringing celebrations across the world. This is a major holiday, celebrated on December 25th, marks the birth of Jesus Christ for Christians worldwide. As the year comes to an end, people are preparing for celebrations, with many receiving bonuses and benefits from their workplaces or businesses. The holiday season brings joy and excitement as families and friends come together to celebrate this special time of the year.
During this festive period, many people engage in various activities. Some spend days and nights enjoying parties, visiting bars and making trips for entertainment. Others choose to visit their home villages, some for simple visits while others use the time for farming activities. Financial behaviors during this time vary greatly – while some people make smart investments, others spend money without proper planning and a few treat the days as normal times without special celebration.
However, economic experts are raising concerns about what happens after the holidays. January often becomes a difficult month for many people who are low income earners. This happens because the majority of servants receive their salaries before December 25th, allowing them to enjoy Christmas celebrations without planning ahead. As a result, when January arrives, many find themselves broke and struggling financially, making the month feel extremely long.
“What you do today will impact your tomorrow, regardless of who you are,” warned Blessings Chimsenga, one of the economic experts from MUBAS.
He further emphasizes that while leisure and celebration are important for human health and happiness, people must consider the consequences of their spending.
Chimsenga Strongly advises people not to celebrate Christmas beyond their income levels and to avoid taking on debts just for holiday enjoyment. Planning ahead and spending wisely during the festive season can help avoid financial stress in the New Year.
According to a survey of consumer’s report 2024 from University of Michigan, United States of America (USA) reveals that the average household spends approximately 40% more during December than in other months. Retailers report that nearly 30% of their annual revenue comes from holiday sales, indicating the massive scale of Christmas spending. Financial institutions have noted a 25% increase in credit card usage during the holiday season, with many consumers taking three to four months to pay off their holiday debts.
“Set aside money throughout the year specifically for Christmas expenses. Use cash instead of credit cards when possible and consider homemade gifts which often carry more sentimental value than expensive store-bought items.” Read part of the report.
Treating the Christmas period as just a normal day can be cruel for everyone, but having proper planning for your financial breakdown can be the greatest way of making your January easier and less stressful for you and your family.