By PETER KAMURI
People who take holidays seriously have already planned and saved enough for this festive season. They have even by now done their bookings and planned for their recipes to avoid last minute disappointments.
However, if you are among those who have not started preparing for this season, this may be the time to do it.
The festive season is a period of having fun and breaking away from the routine duties. But if you fail to plan well for it, you may not be able to enjoy and relax with family and friends. That is why you should plan well in advance to be able to have hassle festivities. Indeed, many people get fixed during the holiday season since they do not plan well. They find themselves with no money to spend and this happens as they wait until the last minute when they start running around looking for the things they need.
Under-budgeting
“This is why you see people scratching their heads wondering where they will get money from to do their festive season shopping and meet other expenses. This does not only lead to stress, but one ends up buying items that they did not need as they shop in a hurry,” says Jacqueline Akinyi, a financial expert working in Nairobi. She adds, “With just about a month away to the festive season, the best way to prepare in advance is to start by making a budget. You should identify all probable areas you are likely to spend your money on like food, clothes, gifts, accommodation, name it.” She is quick to note that it is important not to forget to budget for travel. “This will largely be determined by the means of travel you intend to use during the festive season. Do you intend to travel by air or road? Different means of travel have different rates that must be factored in the budget accordingly,” she says. Financial experts say that by determining the areas you will spend your money on, you will be able to compute the total amount of money you need. They advise it is a good idea to ensure that your figures are accurate. This will save you the hassle of running out of money due under-budgeting.
“When the budget is ready, determine how much you can reasonably put away daily, weekly or monthly to take care of your budgetary needs by the time the holidays come. You will be surprised that by keeping a few hundreds shillings per day can accumulate to a substantial amount of money that can take care of all your holiday needs,” advises Akinyi. But she warns, “However, you must know that saving money comes with some sacrifice and discipline.
There are areas you spend your money on that you will have to slash the expenditure. You may be required to make some adjustments to your family’s budget or lifestyle so that you can save enough money to meet your budget.”
Akinyi advises, “In order to succeed, you must make a firm commitment not to touch the money you save for holiday under any circumstances. That is why you should keep the money in the bank, or even a piggy bank, as you are unlikely to be tempted to dip your fingers on it for another purpose. The money you save for holiday will safely continue to grow until you are ready to spend it.”
When you have saved a substantial amount of money, there are a few items you can buy in advance. This may include clothes and gift items. Buying items off-peak is not only hassle free, but you can also get good bargains. The price of most of these items shoot up during the holiday season.
“When it comes to accommodation and travelling, book early to get good deals. Booking hotels and paying air or bus fares in advance, especially at off-peak season like now can save you substantial amount of money,” she says.
