Picture this, it’s December, but your wallet screams January! A cheeky Kenyan once humorously used this analogy to describe his financial situation during the festive season. Many can relate to this sentiment, especially after a year filled with economic challenges.
This year, like many Kenyans grappling with high living costs, Louise still dreams of a delightful Christmas, despite her strained finances. The good news is, even when money is tight, there are strategies to create a memorable holiday season without breaking the bank.
Mastering Your Holiday Budget
The key to avoiding a financially disastrous January lies in planning and sticking to a holiday budget. It’s crucial to understand your financial limits and not exceed them. It is important to consider all potential income sources, including dividends, annual bonuses, and savings before allocating funds to holiday expenses.
These expenses range from travel and gifts to food, drinks, and holiday excursions. Once you’ve listed all potential costs, prioritize the must-haves and allocate funds accordingly, starting with your extra income sources.
Gifting on a Budget
Expressing gratitude to loved ones doesn’t have to be expensive. A simple, thoughtful gift can convey appreciation effectively. Be creative in your expression of gratitude. For instance, crafting or thrifting a gift accompanied by a heartfelt note can be just as meaningful as an expensive present.
If you prefer buying gifts, e-commerce platforms like Jumia offer a wide variety of items at discounts of more than 50%. Paying with your Equity Bank Mastercard earns you an additional 10% discount. Similarly, using your Equity Mastercard for orders on the home delivery service Glovo grants you free deliveries every month.
You can see more Equity Bank deals for the season by following this link.
Savvy Shopping for Essentials
In Kenya, most holiday spending goes towards food, beverages, clothes, personal effects, and electronics. If you have a large family, buying groceries, cereals, and vegetables in bulk can save you some coins. Traditional markets like Nyamakima area, Marikiti Market, Wangige, and Korogocho Market offer huge bargains.
Equity Bank recently introduced a new solution that allows its customers to top up their balances with amounts ranging from Kes 100 to Kes 100,000 whenever they lack sufficient funds during transactions. This can really come in handy during this holiday season. This service is accessible to customers when transacting on Equity Till, Account to Account transfers and airtime top-ups. Customers will be prompted to opt into the top – up service whenever they have insufficient funds while making transactions through Equitel, *247#, or the Equity Mobile app.
Retail supermarkets like Carrefour also offer significant discounts, especially when you pay with your Equity card. Combine these savings with free delivery by Glovo, and you could save up to 30%. To sign up for an Equity Card, follow this link.
Planning for January Bills
January often comes with multiple bills. To secure a financially stable January, clear as many January bills as possible in December. Take advantage of early bird discounts for utilities like Pay TV during December bargain sales.
For school fees, consider paying in installments starting in December. Convenient apps like Equity Mobile allow you to make these payments without visiting the bank.
Use the links below to download the revamed Equity Mobile App.
Appstore. Â
Affordable Holiday Getaways
For those planning a holiday getaway, look for vacations offering discounts and luxury simultaneously. Villa Mandhari Diani, Pride Inn Diani, Pride Inn Plaza, Hotel and Convention Centre, Sun N Sand Beach Resort Residence, and Ciala Resort in Kisumu are offering significant discounts when you pay with your Equity Visa Card.
Smart Transportation Choices
With fuel prices soaring, consider using public transport instead of your car. You could save a significant amount by adapting to public transport schedules.
Salary Management
When your salary comes in just before Christmas, resist the temptation to splurge. Transfer a portion equivalent to your January bills from your current account to your savings account.
December Side Hustle Opportunities
The holiday season presents various money-making opportunities. If you have skills in holiday-related activities like event planning, DJing, or driving, you could earn extra income to ease your January financial strain. Other economic activities include car boot sales.
In conclusion, even in tough economic times, it’s possible to enjoy a memorable Christmas without jeopardizing your financial stability. With careful planning, smart spending, and taking advantage of discounts, you can celebrate the festive season in style.
