Avoiding personal bankruptcy after the celebrations

Avoiding personal bankruptcy after the celebrations


Now that the holiday and celebrations are over, a lot of Nigerians are already thinking how to meet their needs in January, which is usually seen as the longest among the twelve months in the year.

This is because most of them must have spent more than they planned to during the Yuletide celebrations, hosting friends and family and embarking on holiday trips, a development that must have created holes in their pockets.

But have it in mind that there are ways to beat such effect, even when you have drained your savings on the festivals. To avoid witnessing ‘financial draught’ in January and in the New Year, financial experts have disclosed tips that can help to sustain the same lifestyle, even with the current recession.


A finance expert and lifestyle coach, Mrs. Nimi Akinkugbe, advised that in order not to live like a pauper in the New Year, it is better to cut down on avoidable expenses, since the holiday expenses have been made already and that there is no need to cry over spilt milk.

Rather, you should concentrate strictly on bare necessities that you will need for the month, apart from food, especially homecooked food, transport to work, worship centres or shelterrelated expenses.

Avoidable expenses like weekend movie dates, outdoor dining, drinks with friends at clubs, among others, should be out of it. Creating multiple sources of income is another important step to take to avoid being ‘broke’ before the end of the first month.

You can think of something you know you are really good at, such as washing or dry cleaning and then make money out of it. Who knows, you just might get a business out of it and be an entrepreneur. For people going to work, you can save yourself a good deal of money that you will normally spend at work on food by bringing your food from home. It is really not that hard, if you put your mind to it.

All you need to do is to wake up very early than your usual time and set to cook your meal, so as not to be late for work and if you ever get discouraged, think of all the money you wilbe saving by doing this.

You may also consider dieting during this period, if you are on a weight loss mission. Always have it mind that there isn’t a better time than now to begin your diet. If you follow through, you would be surprised at how much money goes on food and snacks, so it is wise to save some of that money and restrict your meal times and choices, before you know it, you will gain in two ways: shedding off some pounds and saving some cash for yourself.

An economist, Mr. Titus Okunronmu, said that since call credit or data recharges have a way of consuming money out of your pocket unknowingly, most networks usually have one credit or data recharge promo or the other going on.

So why not take the time to call your network customer care service or visit their website and familiarise yourself with their promo offers and take advantage of the most suitable and pocket-friendly option.

Another option you can key into is looking around your house, to see if there are any items just lying around, which could be put into perfectly good use elsewhere. Items such as over-sized or undersized shoes that are in new or perfect condition, or those extra kitchen items you got for your wedding or souvenirs that lie fallow, that you got when you attended an event or programme.

You can actually sell them off to someone who actually needs and wants to buy them. With credible e-commerce sites that is all over the internet, finding a buyer should not be too hard for you.

It also advised that you should endeavor to cut down on vices, because more often than not, we notice that vices usually consume money. Examples of such money-guzzling vices include: smoking, drinking, womanising, compulsive buying, and so on. So, why not start the year on a clean slate by getting rid of these vices, with that you will realise that you are saving yourself some money at once. Lastly, try as much as possible to avoid credit, unless you are extremely ‘broke’.

In such cases, ensure loans or credit is your last resort, make sure you opt for credit with lower interest rates, so as to meet up with payment on time, when you eventually stabilise, maybe in the following month.