Budget Friendly Ways to Enjoy a Cozy Christmas

by DiscountsOpportunitiesSavings

The festive period is around the corner, meaning a lot of expenses and spending will rise. It is important to remember that we are to spend on our needs and not our wants.
A recent study conducted by the cross-border payment company WorldRemit has revealed that Nigerians spend a staggering 196% of their monthly income towards Christmas celebrations. These statistics indicate financial strain or imprudent budgeting, and such high expenditure could lead to financial instability and potentially contribute to debt accumulation among the surveyed population. Additionally, it raises concerns about the overall financial well-being and savings culture of individuals in relation to their discretionary spending during festive seasons.
It is therefore important to be mindful of spending during the festive period. Furthermore, due to the rise in the exchange rate in Nigeria, inflation in the prices of commodities has skyrocketed and is still expected to increase. Therefore, we must spend on what is necessary during the festive period.

There are various ways to minimize costs during the festive period these include:

Establish a budget:

Create a planned spending outline by listing intended purchases. Avoid impulsive shopping by sticking to the list during the festive rush.
Purchase of decorative pieces during the holiday season should also be in moderation. It is important to have a list so as not to be impulsive when purchasing the items. Also, the use of previously purchased decorative items can save you money.
The festive period is also a time of gift-giving. It is also important we have a list of the gifts we wish to give out and have a budget as buying a gift that is not needed leads to a waste of money.
For instance: If you have a budget of ₦150,000 which is a fraction (50%) of your income, 30% can go to feeding, 40% can go to outfit purchase, 20% to gifts and 10% to miscellaneous.

Bulk buying:

It is advisable to purchase food items before the rush of the festive period begins as the prices are expected to increase due to inflation and the festive season. Purchase of food items that appear on your list as stated above should be strictly adhered to so as not to purchase what is not needed. Having a list of food items that are needed should be made to guide you during shopping. When buying food items, the purchase of unperishable can be done in bulk to save money than buying individually. Purchase of perishable food items should be done at intervals when needed to reduce waste of food items and money. For instance: Purchasing a carton of noodles can save you ₦20-₦30 on each pack of noodles if bought individually.
Another way to minimize cost is by purchasing an item with a group of individuals and sharing. For instance: if you cannot afford to get a full goat, or you just need a small chunk of it, you can contribute with a couple of your friends or work colleagues and share amongst yourself. This can minimize cost; prevent wastage and you can also get a moderate size of the product.

Minimize outings:

Many parties and events such as concerts, gatherings, and outings are expected to happen during the festive period. They might not seem to be a lot of expense, but a little bit here and there can lead to a high sum so it’s important to be intentional about our outing during the festive period.

Have a budget targeted towards outings and stick to the budget. A way to minimize spending on outings is by spending quality time indoors with family and friends. Also engaging in activities that require little to no fee can be a way to minimize cost during the festive period such as going to the park and recreational centers.


It is essential to express a word of caution regarding the upcoming 2023 Christmas celebration among Nigerians, especially in the current economic challenges. While individuals participate in extensive spending to acquire everything necessary for the celebration, it is important to remember that life continues after the Christmas celebration. As we enter January 2024, expenditures and personal investments do not vanish into thin air. The funds spent during the festive period do not yield a return on investment. Therefore, it is important for individuals to be mindful of upcoming obligations and potential emergency crises. This is particularly pertinent now, given that the healthcare sector, including over-the-counter drugs, is currently facing the highest inflation in the history of Nigeria.

Herconomy

5 Parallels we can draw between the English Premier League and financial management

by Savings

It has begun!  Another football season has come with its chills, trolls, and unforgettable moments. Clubs like Manchester United and Chelsea have opened the season with some defeats, and, expectedly, BBC Yoruba did not spare either with its headlines. After Man-U’s loss to Tottenham Hotspur, the publication’s interpreted headline was, “Man-U did not score a goal; Tottenham turned them into a tied goat for slaughter.” Hilarious!

As fans around the world don their jerseys, fill up stadiums with cheers, and get ready for months of thrilling matches, it dawned on us that there are key football elements that resonate with our financial literacy message at Herconomy.

And we want to share them with you! 

So here are five running themes between world football and money management!

  1. Setting a Game Plan || Financial Goals

Just like a football team strategizes before a match, individuals can set their financial goals for the season. Whether it's saving up for a dream vacation, purchasing a new gadget, or building an emergency fund, having clear objectives is essential. Fintech tools like Herconomy can be your playbook, helping you track expenses, set budgets, and monitor progress towards your goals.

  1. Scoring Savings Goals 

Fintech innovations are changing the way we manage money, much like how technology has revolutionized football tactics. Savings apps can stash money in vaults until it gets to an amount required for your needs. These "virtual goals" are like scoring a goal every time you save – and the more goals you score, the closer you get to your financial targets.

  1. The Great Assist: Budgeting and Tracking

In football, assists are crucial for a successful goal. Similarly, our suite of solutions act as financial assistants, helping you budget effectively and track your spending habits. By categorising expenses and highlighting areas where you might be overspending, you can unlock insights to make informed financial decisions. If you want to score really good savings goals, you need great assists like those from James Maddison. This is what Herconomy does with its budgeting tool.

  1. Winning with Compound Interest: A Long-Term Strategy

In football, a winning strategy requires both short-term tactics and long-term vision. The same applies to finances. While celebrating small victories like saving on daily expenses, consider long-term investments too. Fintech-powered investment platforms offer opportunities to grow your wealth through strategies like micro-investing and automated portfolio management.

  1. Celebrating Financial Victories

Just as fans celebrate their team's victories, remember to celebrate your financial achievements. Whether it's reaching a savings milestone, sticking to a budget, or making wise investment decisions, these successes deserve recognition. Apps like Herconomy can help gamify your savings journey, turning financial discipline into a rewarding experience.

Herconomy’s POV

So, as you cheer for your favourite team and witness the excitement on the field, remember that you too can be a champion in your financial game. With Herconomy as your coach, you're well-equipped to make this season not only about football victories but also about achieving financial success.


At Herconomy, we organise numerous capacity-building and wealth-creation programs to empower communities of women. We have a savings solution; an app we designed to help women grow their wealth. With us, you get 10% interest on your savings and kiss transaction charges goodbye. Also, we have a PLANS FEATURE that allows you to co-save with your girls for important experiences like trips, dates and staycations. All you need to do is create a public plan within the app for you and your girls to save money there. And voila! You’re trip-ready! 

Herconomy’s got the solutions you need, We were born with you in mind. 

Secure your future. Start saving today