Keeping your wallet 'safe' ahead of January

In the words of the Chairperson of the Presidential Council of Economic Advisors Dr David Ndii, Kenya’s economy is not out of the woods yet, amidst a series of incidents triggering global inflation.

In 2023, Ndii in a post on X formerly Twitter painted a bleak future for Kenyans and more so those in business.

In Ndii’s words, “This economy is going to shrink. The other day someone who deals in high-end cars asked me when I think the economy would turn around. I gave him my honest opinion, told him his line of business was unlikely to recover and he might want to look into a production-oriented sector.”

Kenyann can however shield themselves from the adverse effects of a slowed economy, by spending responsibly this festive season. There is a need for people to safeguard both their finances and well-being as they navigate the month of December. With economic struggles persisting, the allure of extravagant spending can quickly transform into a harsh January reality.

Allocate funds for essential expenses such as bills, groceries, and any outstanding debts. Be honest with yourself about what you can afford, ensuring that your festive spirit doesn't come at the expense of financial stability.

In an era of Instagram filters and Facebook highlights, it is easy for people to fall prey to the pressure of portraying an idyllic holiday season.  Kenyans should resist the urge to overspend just to keep up appearances on social media. Remember, true joy doesn't come wrapped in expensive gifts or extravagant parties but in the genuine moments spent with loved ones.

What should be of importance is one’s well-being, even as they go along with merrymaking. Don't sacrifice sleep, neglect exercise, or ignore signs of stress. Remember, a healthy body and mind are the most precious gifts you can give yourself and your family. Overspending during the holiday season can lead to financial stress and anxiety in the new year.

To avoid overspending, people should not shy away from discussing with their loved ones about an alternative format to holiday spending and gift-giving this year that takes the pressure off of everyone.

Reduce spending by setting spending limits.