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What to do with your money in December

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What to do with your money in December

The holidays are an expensive time of year. People come around, and spend not only a good time together but also money—lots of it. 

From shopping Black Friday offers to last-minute sales, December plays a big part in how much the average Nigerian splurges on holiday expenses. 

However, people sometimes overdo it. The expenses eat into your budget rather quickly and you are left with no concrete plan to cover the costs of an “8-week” January. 

In this article, we outline some less-expensive ways to enjoy your December.

Key Takeaways

  • Nigerians spend more than 100% of their monthly income on Christmas.
  • December is a period to spend quality time with friends and family and unplug from stress.
  • Don’t spend on what you don’t need.

Nigerians spend over 100% of their monthly income on Christmas

A 2021 study by WorldRemit showed that Nigeria, among other countries, spends more than 100% of their monthly household income on Christmas. 

What is December without beach and house parties? What is Christmas without the decorations, the once-in-a-year dishes, and the expensive gifts for friends and family? Right? I mean this is the time.

As global inflation continues to rise, which is very evident in Nigeria, shopping costs are also increasing accordingly. This means most people will likely part with even more this year.

But, are you like most people?

How to navigate your expenses in a juicy December to avoid a dry January

Don’t get us wrong. We can’t tell you what to do with your money in December. It is your money. However, here are some less-expensive suggestions:

1. Find the best prices

Beat the rush on the things you need. Start ticking things off from now. Grab those special deals before they get costly again. Reduce your expenses by looking out for the best end-of-the-year offers.

2. Personal care 

Read this as “stay indoors”. The more you go out, especially in Lagos, the more you spend. Sure, you can’t stay indoors all day every day, but moderation will surely save you some funds. So, unplug from work. Get plenty of sleep. Improve your physical health. Have some me time. 

3. Spend quality time with friends and family

Spend time with family, friends, or any community you’re a part of. Cook really good food together. Read books and see movies together.

4. Do something memorable

Learn new fun activities. Try out a new skill. Visit museums. Volunteer. Do things that will cost you less but are still much fun. 

5. Spend less on decorations 

According to a 2021 Statista survey, 35% claimed they would spend less on Christmas decorations. This says something about people starting to see less reason to splurge on things like Christmas trees and decorations. 

6. Stick to a budget

Create a budget that works for you and stick to it. Wherever the budget ends is where the parties should also end. 

Bonus tip: 

Besides cutting expenses, invest more. Unless your financial goal is only for December, remember that building wealth requires a long-term mindset.


December is indeed a time to relax, eat good food, travel and celebrate all the fantastic things that have happened in the year. But in all the enjoyment, resist making expenses blindly and save yourself from entering January financially unprepared. 

Finally, make sure to enjoy the good things of life this yuletide season. 

So, how will you spend the holiday? Share with us in the comments. 🎉


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