By Confidente Reporter
NAMFISA has urged the nation to celebrate the festive holiday wisely and within financial means. Victoria Muranda, the parastatal’s manager of corporate communications and consumer education said that while Christmas holidays are very important to everyone, there is a great need to celebrate in moderation.
“For many, the end of the year is the only time that they have to let loose and celebrate life, as it were. It is also the time of the year that many of us decide to treat ourselves and our families with Christmas gifts and throw parties to celebrate the year that was and usher in the New Year. While there is nothing wrong with entertaining ourselves or our families – in fact, taking care of our loved ones should be encouraged at every opportunity, NAMFISA’s caution is that we should do so responsibly and within our financial means.
• Draw up a budget: A budget is a plan that shows how much you can spend against what you earn over a given. It helps to guide you on how much money you can allocate for different needs.
• Take a budget sheet, write down your basic expenditures and how much they cost and compare them to your earnings. Decide how much you would like to save each week/ month. Most importantly, stick to your budget to avoid overspending!
• In planning what to spend, always plan how much to save.
• Keep a record of your earnings and your expenditures to keep control of your finances!
• Saving is putting away or storing money for future use.
• Decide what you want to save for.
• Develop a savings plan, and always put money aside at the beginning of the month.
• Save whatever you can afford.
• Shop around for the best price and quality.
• Save money that you do not need to spend.
• Decide where you will keep your savings.
• When you decide on a savings option, don’t forget to compare the interest rates and the fees.
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