Life as we know it is full of milestones that need to be celebrated, be they anniversaries, birthdays, unions, or love and in our quest to make them memorable we are often driven by egos and end up bursting our budgets. The irony is that despite some of these occasions recurring annually, we almost always get caught up as if it were an emergency.
For the average Kenyan family, bank-shattering Christmas expenditure always leads to the proverbial 90 days of January as we drain all our money and suffer through January. This however should not be the case, and we would be remised to think the solution is complex; it is not, it just boils down to basic budgeting. In a nutshell, a budget is an estimate of our income and expenditure and this is largely informed by managing our financial constraints.
Cognizant of our constraints, we need to plan for these special occasions and this is essentially informed by your available resources. Depending on the occasion, plan yourself, plan over time, and most importantly plan within your budget. As you do this, it is also prudent to explore other ways to save money from the basics of substituting gifting and lavish expenditure with spending time with your loved ones to making gifts for each other. Alternatively, you can also use apps and websites to look for deals that will save you money either through gifting or shopping apps.
Given that expenditure for special occasions is more emotional and less rational; wisdom demands that you do not act under pressure (hence the long-term planning). Don’t let your ego lead you and avoid competition with the Joneses; all our resources and needs are different and so don’t feel obligated to spend on what you cannot afford.
Conscious of the above, we also tend to break budgets because of failure to communicate. Many of us are not open about our incomes and or our financial positions especially on occasions like Valentine’s Day and in our effort to impress our partners; we fail to prioritize our other obligations in our quest to wow them. Wisdom thus demands we involve our loved ones in the planning process, collect and share ideas, and where possible focus on the occasion and not the spend for the occasion.
Unknown to many, holidays, anniversaries, and special occasions are affordable when planned long-term over a year or three. To make your dreams a reality, work with what you have, track your expenditure, and make adjustments along the way and you will breeze through the celebrations financially unscathed.
Should you wish to get guidance on how you can plan with your limited financial resources and make the best of the celebration milestones in your life, Springboard Capital is your ideal partner. At Springboard Capital we understand financial literacy and financial discipline are a rarity among us, and we are championing a new narrative to get everyone to understand and appreciate the wisdom behind financial wellness and wellbeing. We also offer various loan products such as Business Loan, Emergency Loan, Asset Financing, Salaried Loan, Loan against Logbook, Import Duty Financing or Title Deed Loan, to help grow and manage all operations. Contact us today at 0700 944 444 or WhatsApp us through the button below, or email us at info@springboardcapital.co.ke.
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Article based on Shem Orery’s BizSmart Webinar Presentation – Shem is a Finance, Credit Risk and Compliance Professional. With over 16 years of experience in the financial industry, he is well versed in developing credit policies, identifying and mitigating risks as well as managing portfolios.
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