adminThe festive season is a time for merry-making and one of the most widely celebrated holidays in the world. It is justified to spend a little more and spoil others because that is the spirit of the festive season.
Religious people believe that it is a time to give and share. Many people go out of their way to do just that.
However, members of the public tend to be oblivious of the fact that there is a New Year on the horizon and financial responsibilities to take care of once the New Year arrives. Those with children have to start thinking about preparing their children to go back to school.
Since it would be a new year, it would mean buying new uniforms, new stationery and probably a new and increased amount of school fees to pay.
For pupils starting Grade One, Form One, Form Five or students starting their first year at university, it would mean buying new things from scratch, which becomes an added expense.
Pupils enrolled in boarding schools or students staying on campus are even more expensive to cater for, as they would require extra items such as linen, groceries and pocket money.
But still, the festive season must be celebrated and money must be spent although after the festive season comes the grim reality of being cash-strapped.
Mrs Erica Mapondera, of Bulawayo, said there is always the temptation to spend more during the festive season although one may be fully aware of the responsibilities they would have to take care of in the New Year.
She said for her, 2011 had seen her financial position improve and it was worth her while to indulge unlike in previous years in which many Zimbabweans failed to meet their basic needs.
“We celebrated the just-ended festive season because things in the country have improved. Although not entirely, but I can safely say that things have become affordable. This time, I decided to go big and bought myself and my family pricey things because they had been deprived of these luxuries for a long time,” said Mrs Mapondera.
She said she had two primary school-going children but she is not worried that she might be unable to pay their school fees come next week when schools open.
“My children attend a government school and it is generally affordable, that is why I could spend a little more money this time around.
“I guess if the scenario were different and my children were enrolled at an expensive school, I would be singing a different song,” said Mrs Mapondera.
Impulse buying, overspending and the absence of an expenditure budget are usually the demise of many people.
Mr Tafara Sibanda attributed his overspending during the festive season to business people, saying that was the only time they had lucrative promotions that tempt people to spend more.
“Promotions are what puts people off-budget. As it is, if you look at how many supermarkets in the city ran promotions during the festive season, you would realise the extent of these promotions. Although we know that advertising is a gimmick, gullible people still continue to spend more money,” he said.
Mr Sibanda said his finances were affected by his overspending and the “January disease” had affected him.
“January is one of the most stressful months of the year because after overspending, you are faced with having to pay school fees, buy food, and pay for utilities and accommodation.
“As a father, you are pressured by your children to do things for them during Christmas and as a man you have friends who also want to do something for New Year’s Day so at the end of the day you overspend.
“When the New Year comes, you are broke. People start to borrow money and for the most part of the New Year, they are trying to pay off their debts and it becomes a vicious cycle,” said Mr Sibanda.
Although consumers are warned time and again against overspending during the festive season, it remains a common trait.
“If we do not enjoy during the festive season, when else will we enjoy,” said Mr Mzwandile Mkhize.
He said the festive season was the only time of the year that people could enjoy therefore it was justified to spend a lot of money.
“People should just enjoy themselves and deal with January’s problems in January,” he said.
Mr Mkhize said overspending and impulse buying during the festive season was part and parcel of the holiday.
“Schools are opening next week and you will find that come opening day, every child will be back at school despite the overspending.
“Parents and guardians always make a way to make sure that their children are at school when they open, so life goes on,” he said.
It is, however, important for members of the public to be cautious with their finances during the festive season so as to avoid having financial problems at the beginning of a new year.
Miss Comfort Ndiweni said although the festive season is acclaimed for cheer, people should plan their finances to avoid unnecessary expenditure. She said parents and guardians should ensure that they budget their money so that they would be able to meet the needs of the new year.
Miss Ndiweni added that since “January disease” had already set in for many people, they should try by all means to avoid drowning themselves in debt by borrowing money from loan sharks.
“It may be too late to be talking about overspending and impulse buying but it is not too late to advise people on ways to move forward without accumulating debt.
“All things being equal, it is important to make sure that children go back to school uncompromised,” she said.
Miss Ndiweni suggested that members of the public should find ways of saving money rather than borrowing it.
“The best way to save money during such times is to avoid unnecessary expenses, do away with luxuries and stick to a strict budget.
“It is amazing how much money one can save by avoiding purchasing small things that they can live without,” she said.
For many people, saving money is one of those tasks that are so much easier said than done. Experts say that there is more to saving money than spending less money, although that part alone can be challenging.
Questions often arise as to how much money one will save, where they will put it, and how one can make sure it stays there.
It is important to set realistic goals, keep spending in check, and get the most out of money.
In addition, simply calculating how much one spends each month on debts will illustrate that eliminating debt is the fastest way to free up money.
Once the money is freed from debt payment, it can easily be re-purposed to savings. Plus, the sooner one pays off debt, the less interest they will pay, and that money can be saved instead.
Online Reporter