Coming up to Christmas, the anticipation is exciting. There is so much to do, and so many exciting things to look forward to like giving and receiving gifts. Stores come alive with displays, lights, special offers and Christmas carols. However be aware of financial burdens, getting into debt and over spending. Remember, a new year is around the corner.

HAVE A PLAN, AND MONITOR IT

1. The most important thing is to have a plan of action, and have a budget. By doing that you can maximize the resources you have.

2. The second step is to determine how to allocate your resources, list the things you need to buy, and when you need to buy them. If you do not have a budget or a plan there is a high risk of overspending without control. You have to put compliance in place so you know what your maximum exposure is.

3. The third step is to identify priorities: what do you need to spend money on?

Set a target, have a plan, and have a budget. This way, you’ll find you do not overspend because you are in control. Stay away from credit cards. It has its own use, which is mainly to finance major purchases for long term benefits. However, it should not be used to maintain your lifestyle, especially not over the Christmas period.

by Tande Ashaolu