Don't let money stress you over the holidays

The Christmas season is full of expectation and the spirit of excitement has affected many. Edith Wambui, a second hand clothes dealer is one of those affected and she is determined to swim into the season with ease and merriment.

Her business has not been so good but she says she will make the best of what she has and ensure her two children also enjoy the festivities.

However, she has to keep her expenses low to avoid financial stress in the New Year.

With the family struggling under the pressure to provide the best holiday season with so many expenses to meet, constant worry may be justified.

To keep off financial stress this festive season, keep your expenses low through planning.

“Always get your priorities right. Have a list of what is most essential to you. Start with the necessities like food, utilities and fuel. Then you can have a list of other things like clothing and furniture. Do not forget to set aside funds for emergencies,” advises Gerald Munyao, a financial expert working with a private firm in Nairobi.

“To get value for your money when doing your shopping, review your past purchases and evaluate which outlet offered you the best deal on a particular item. By reviewing regular purchases and services, you can switch over to the cheapest outlet to save money.”

During the festive season, there is usually a lot of wastage. It is advisable to prepare what just enough food and eat leftovers later so that there is little or no wastage. This way, you will be surprised at how much money you can save.

“Having a good meal plan ahead of time will help you save. It saves you the hassle of having to walk to the shops without an idea of exactly what you need. You may end up buying whatever you come across yet you may not need it,” says Munyao.

“It is also a good idea to buy goods in bulk. With the envisaged increase in consumption, buying in bulk will appear more expensive as you pay the bill, but cheaper in the long run. Some outlets give discounts on large purchases and you may also save on time and transport costs,” advises Munyao.

Utility bills tend to skyrocket during the festive season. Experts say there are innovative ways to help you to keep the bills low. For example, to reduce water bills, you can have shallow baths that will take less water. Water should not run while one is brushing their teeth or washing their hands or face. All leaks in toilets and water lines should be repaired.

To reduce electricity bills, you should encourage everyone in the house to switch off the lights and television when not in use. They should open blinds during the day to allow the sunlight in. The refrigerator and freezer should be opened as infrequently as possible. If a computer is being used, it should be turned off when not in use.

Munyao cautions, “Family outings can also be expensive. Plan them well and avoid unnecessary travel that can dent your pocket. Choose the right means of transport. You may at times opt for public transport, not forgetting that less driving means a tank of petrol that will last for a longer time.”

“Entertainment eats into your income if you do not plan well. Look for free concerts, museums and community events. Take advantage of local parks and Government facilities for free or low-cost outings.”

However, Munyao says, it is a good idea to involve the whole family if you want to succeed. Let them know areas in which they need to help cut down costs.

Buying some groceries from Mama Mboga may be cheaper than doing the same from a supermarket.

“During the festive season, majority of outlets give discounts and offers on a variety of items. Look out for the offers and save money. Where possible, avoid shopping in the company of your spouse or children to escape impulse buying.”