Topic: Advice on finances for the festive season (Read 514 times)

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That is fact my brother, even our president don talk am say everyone don learn how to manage in Nigeria now which is the best. Because now for Nigeria everybody just dey manage and live the life as e come both the rich and the poor all they manage oo.

Sha anything in this life deals with time and no matter the amount of money you have you fit still use am enjoy due to the definition of enjoyment for your side. For example some homeless people that find it hard to see food chop garri nah their best enjoyment be that. And for other to take garri na him then don broke finish. So life nah base on categories which go determine your enjoyment.

Nice words indeed. Many folks normally said that Christmas is just one day and they won't kill their self if they don't have money to celebrate the season with others.
We didn't need to be on depts just because we do not have enough money to celebrate the festive season with other friends and family. So long as we are alive and have little to feed on, we can use them to celebrate and hope for more changes the next festive season.
Despite the facts that the economy is not stable and things are very difficult these days, at least we might have some savings, if we have about 1 million as savings, using just 150k from it to celebrate won't be bad. Although the 150k I mentioned no go reach, but we can manage it.

I don’t think much people will really fall into this trap when they know the current situation of the country. No one spends more than what they can afford and everyone now cut coat according to their sizes. An investment in bitcoin is not a source for you to always take from especially when your take profit level is yet to be achieved, you need to take things very calmly in order not to fall into situations of had I know with your investment.

The festive period will come and go and that joyful moments only lasts for that period. So it is very important to only spend as you can afford, it’ll be economically beneficial to you in the long run when you are now in better profits from your investment than losing some to celebrate. Taking profits is necessary but the festive season shouldn’t make you to do that when the time for that is not yet ripe on your investment.

Is a very good advice to the listeners because it has become a headline talk of people getting broke after the festive period because they spend and forgotten about their tomorrow, however I like the fact that you started both those who will like to leave the standard of their oppressors and those who naturally love to over spend all in the name of having fun  in the month were there should be a great fun and because of how careless in spending people has been, a lot of them has tag the month of January as the most difficult month of the year.

However some people object the budget kind of planning because they feel they can control their spending but on the contrary they are not and funny enough we are yet to enter the new year a lot of people have started feeling the impact, so I wonder how they will cope when we finally enter the new year.

Chaiiii… why you no bring this advice since? E don Dey too late oo cos me I don already finish my money and na small thing remain make I touch my Investment and my small emergency funds
The only luck wey I get now be say the emergency fund Dey inside account wey I no fit easily access except I waka go bank to do withdrawal from counter,(but we all know how stressful and difficult E Dey to fit access banks this festive period) and na there I Dey hope to also carry hold my side this January cos all of us here know how January dey be. But honestly, assuming say no be this way ehh, Hehe responsibilities for don make me go touch that money oo, who knows E for don finish by now self. Nna ehh OP, Responsibilities wan kill responsible man😂😂

Lol  You're indirectly saying that you only lived once and na who dey alive dey make saving 

Both of you dey on point in one way or the other but na slight gap dey among una. Op post is more concern of oppression and overdo wey some people dey normally do this festive season which is truly unnecessary. Normally, person suppose enjoy after working hard to secure the bag from January to December and this festive na just once in a while. So e dey necessary to enjoy it to the fullest of your capacity. Unfortunately, some people can be easily carried away during this festive period going extravagant with their spending. The purpose of our saving is actually for a day like this but it doesn't mean we should go too ahead to the extent of indebting ourselve in the name of celebration. Spending averagely, wear new clothes and chop better food is okay for the love of festive. E dey fine as well if you want to impress people spending all savings but there's life after the celebrations and you'll be the one to battle it out. The choice is completely yours to make.

There really isn't hard or fast rule on making financial expenses this yuletide season but the need for caution when spending is of utmost importance.
The current economic state of the nation is quite awful as it is and anyone who must spend to make themselves and family happy and satisfied this period should remember that January 2025 is just days away and it usually has a new kind of expenses that comes with it.
Also, knowing that new monetary policies would be implemented in this new year, is a warning to spend wisely and within a budget, unless one is a multimillionaire with more sources of income than can be counted.

It's really very easy to overspend in times like this because of the celebration that comes with holidays, but since it comes once a year, I mean this type of celebration one can actually plan how they want to spend it, make savings for it, and keep to the budget, especially when enough is saved for such occasions. It's only when one doesn't make a budget that the spending might go on without limit, which, after the holidays, you can start wondering and imagining how such an amount was spent.

Op,thank you for this valuable reminder,it's very easy to forget plans when there is festival spirit and lose sight of many financial goals, although I appreciate the advice to emphasize or highlight needs over wants and most especially to avoid debts, if we really  make a financial decisions go along with values and goals, I think we can enjoy the festival season with rest of mind full of joy.

Buddy I agree to what you said to an extent, people have personal plans for their Bitcoin holdings but be it as it may, Bitcoin is for a long-term as such no matter how things are being twisted, long-term should be a priority of any bitcoiner, anyone planing his or her holiday or whatsoever with Bitcoin is misprioritizing the concept of Bitcoin, you don't plan with such asset in a short-term, such should be done in a long-term and when embracing Bitcoin, there shoild be a very calculative plan in other not to see your holdings as a an alternative to solve whatever emergency you've, Buddy if we want to save or hodl Fiat for holiday thats fine because after all we will definitely be needing fiat during the holidays but as for bitcoin being hodl for holidays I don't find that accurate though you were just giving your opinion based on the option left for whosoever is involved to choose from, I totally concur that planning should be taken seriously by an indivaidual whose plan in bitcoin investment is for a long-term.

Some people really don’t understand the concept of being financially independent because when you are financially independent you don’t need to impress anyone with your money and that why the real rich mens are not disturbed by oppression from other cos they don’t need to impress anybody.
  If u are into bitcoin investments u have to be very focused and especially in this festive season, there are alot of oppressions but don’t let that lead you to make a financial mistake that will ruin your investment.talking about this the reason why some investors will sell their bitcoin investment in this festive season is because of competition, many people like to compete and be the best among their friends that why in most causes the must humble friend among you become richer than others. If u are to compete with someone who is already successful you will end up being broke and he will still be at the top.
 My advice here in excess is; don’t compete during this festive season focus on your investment cos this festive season hardly lasts ten day and it over but ur investments determine ur future so don’t use ur future to enjoy ten days.

Dem sey wetin dem fit trick blind man na sey oil nor dey soup, nor be sey salt nor dey am. Dis type of advice dey good oh but a lot of people nor go wan reason am sey frugality go favour dem at dis period, especially those wey just dey touch money now. Dem go wan dirty dis period like sey next year, govment go remove Xmas from calendar. Na persin wey don experience hardship afta Xmas as a result of reckless spending go understand your point well well. The koko be sey, nothing too special about dis period apart from meeting distant loved ones and families. Apart from dat, dis period should be taken like any other time. Make una invest small in Bitcoin while spending dis period. E get why.

We all know that most of people work hard to make their self happy or enjoy what they’ve worked for, is not that they can stop them from enjoying their money, know how to spend it the money is the matter a person know just go and work hard and later spend them unnecessary places. Is not good ideal for a person to be stingy for themselves but that doesn’t mean we can touch our long time savings.

Because I know that this festival season some of the people will spend pass their expectations, that’s what make some people to touch their long time saving, even they never have any profits on top but just because they want to chop life enjoy sefl they will go sell all their investments which is wrong idea for a investors.

In a nutshell, I think this advice goes to everyone and not just to newbies, it's not only newbies that will spend in this period but the truth is that some of us here doesn't have a wise spending habits and sometimes such reckless spending is because we want to show off and impress people around us which is not really necessary.
Let's enjoy ourselves this seasonseason but also should not forget to reserve what shall be used to start 2025. Spend wisely and only on necessary things.

This is very correct, investment should always cover that personal needs and wants, because this holiday will come and go but your investment is still there and give you confident..

Thanks for spreading the alert Op, on going through this post and while I was  having it a feasible thought, I derived to imagine how economic investors who has goals to chase that may be achieved with a certain income of their bitcoin investment that some holders may out of excitement sell their coins so sudden at a point of grooving in the festive maybe around friends or families or even to impress the public whereas they specifically want to meet up with the current situation of satisfying an enjoyment urge which the expenses could be too high for them neither did they had it on budget earlier on
Therefore after all they may end up regretting because they've sold their bitcoin supposed to yield them the achievement of their goal in the future.
So then the advice is to spend wisely at this tempting expensive festive season.

The fact is that, basically, bitcoin investment is supposed to be limited to your discretionary income. That is the income you don't need for any present or near future expenses. Everyone needs that bitcoin is not very good for distress sell which may lead to loss of fortune
It is very advisable to only invest with a spare cash. Anyone who has invested with his whole income during the year will have no option than to sell off part of all of his bitcoin holdings in order to offset the season's need.

It is only investors who see bitcoin investment as a way to get rich soon, and they blindly invest all their money in bitcoin, thinking that they will get rich soon without knowing that bitcoin investment is not a scheme to get rich soon. They are the ones who are likely to sell their bitcoin investment in this festive season to take care of their families because they will not have enough money left with them but will have no choice but to sell part of their bitcoin investment, if not all, to be able to provide for their families this festive period because they used the money that is meant to solve their daily expenses to invest in bitcoin, which might get them off the game partially or permanently. But if you plan your bitcoin investment in such a way that you use the money you can afford to lose or the money you will not need for 4-10 years or more to invest in bitcoin, there's no way you will depend on your bitcoin investment in this festive period to survive because you used the money that is not meant to solve your daily expenses and invest in bitcoin, which will allow you to always have enough money to solve your daily expenses in times like this.

There’s nothing like competition, people in this category just love spending and funny enough spending a lot without proper planning might cause harm especially when the cash flow is not steady. Just imagine salary earners who have not gotten their pay for the month definitely we all know festive season is a time people come together to celebrate so in such situation what might be helpful? Either an emergency funds or reserve funds. Aside bitcoin investment there must be something, this advice is valid besides not just bitcoin field rather in general during times like this everyone should cut their coat according to their size.

This is a good financial advice oo, but for Nija, people must oppress others and they must make sure people that have feel somehow, and that is what is always leading to bad act like theft and arms rubbery and some money ritual which is mostly caused by peer pressure.
So it is an open advice and people take, but some people will still oppress people and some will find them by all means just to meet up to the lifestyle.

Make we de always remember say after all these festive periods, there is another fresh year to start again.

This is something serious and factual because with the way things are going now, everybody just wants to spend more, and many people are not even thinking of tomorrow. During this festive season, they can spend everything today and go broke the next day. They don’t really mind, and that is why it is advisable to spend wisely. We should spend because we see other people are doing the same thing. We are not the same, and we don’t know what other people have in their wallets or accounts

However, talking about investors, although it is good as you mention them, some people can also go to the extent of selling their holdings just to impress people around them and will be regretting it at the end of the day, although I know some people, regardless of how sweet the festive season may be, won’t touch their savings and their investment because they have a plan, but many people who do not plan can do that.

If you understand Wetin Op Dey talk well. You go know say na better thing him Dey talk, him no talk say make you no spend or make you no flex, but make you do am with sense and na him be the best. The way some people go take spend this festive period, Dey no even care to spend everything wey dem get for account finish, and some no be serious thing dem Dey use am do, some go just Dey do things just to make other people see say dem Dey among too, and the funniest part be say, na people wey you wan impress go still laugh you if you Dey suffer, anything wey your power never reach, no Dey do like say you don pass that place.

Plenty people Dey always complain say January to Dey long, mostly na because some people don collect December salary, they go spend am finish during Christmas, without even thinking how January go be, I no talk say make we no celebrate Christmas well, but make we Dey try give ourselves sense, no Dey do Wetin pass your power just because Wetin people go talk.

This Christmas season happens not often, people take this as an opportunity to spend not just time alone but very quality time with both distance and close relations. Thinking of management spending is a good advice but when you take a look at some necessary spending that cannot be left void, you won't mind going in debt if it's called for, do you know people save up for this festive season? it might look common to some but really means a lot to some others who never gets to sit and dine together. Don't get me from the wrong perspective, i will never advice to alter one's investment just to satisfy eat and drinking but debts can be a common situation during this period and why can't you when you possibly have a source to pay back after.

Na person wey no know wetin dem go stand to gain in the future towards their Bitcoin investment go like trade am for few days enjoyment wey no go last forever, person go forget am, by moving to their next chapter of life.

Em d dey better make peso watch before they leap. Person no suppose trade their future for enjoyment wey no go amount to anything. Time don pass wey peso go do more than they can to feel among in this society wey d cost of living is killing the living.

Enjoyment no d finish, everyone of us is managing. Those of your friends or siblings wey you wan prove a point to, in this festive period no go send what becomes of you next when you don spend the money you have. It's better peso use em head because what people care to hear is your success story not your missed opportunities

I think this thread was created with the intention of advising everyone to manage their funds while spending during the holidays. Many people get carried away easily by overspending their budgets on intangible things during these period, some due to being overexcited while others could even attach it to religious beliefs.

During religious festive seasons like this, many people believe that they can spend all their savings on their festive expenses believing that God will provide another opportunity to make more money. While I am not saying one should not believe in God, you must always manage your expenses and spare more money for after the event.

There are some people who no go still listen to dis your advice op, because dey believe say d festive season is only once in a year which dey will do everything possible to make people around them happy, I no think say I go fit spend my money anyhow in dis festive season because weitin I dey receive from my working place no go make me go into competition with anybody in dis festive season because I dey plan to buy bitcoin next year once d price decrease down well well, so that I go no say I have asset that will bring me good income next year December because I'm ready to hold d bitcoin for long term before I can trade,  please let us spend wisely in dis festive season because January always make some people to regret for spending their money anyhow in December.

When it is festive seasons like this we should have plans of how to make proper preparations before the season even comes when there is a good plan made then everything is made easy, and you can even make savings just for this season because there is no way that you won't celebrate when. Seasons like this come and spending without proper planning will just put you in another failed financial situation, and January is usually very hot especially when it comes to finance and things are usually very expensive.

Instead of having plan to sell your bitcoin it is better to just spend your fiat so that when people are busy selling and getting profits it will be better than just selling just because of season and it will pass so don't not waste too much time investing, and since it's something that you have to hold for a long time you don't have to worry too much, and if they can save fiat for the holiday then saving bitcoin will not be a bad idea also because if it eventually increases it is still at the persons advantage.

An important piece of advice for those new to Bitcoin and financial management this festive season is to never sell your investments and never overspend under any circumstances. It is good to overspend during the festive season by giving gifts to friends, family and household, but it is very important not to be tempted to do this. Make financial decisions carefully and critically. Although the festive season may not last more than a week. But remember that to be financially independent, you need to walk your own path. You need to make the right decisions for your future without getting caught up in unwanted competition.

It's easier to tell people not to overspend during the holiday season, but the truth is, many still feel pressured to keep up appearances. I have a friend who refuses to go home because he feels like he hasn't made it big yet, and he doesn't want to feel inferior to others who may have made quick money through scams.

If you know you'll be tempted to spend your savings, consider putting them in an account without an ATM card or transfer capabilities. I once had an account like that, which helped me save money without the temptation to spend it impulsively.

Another option is to give someone you trust a certain amount of money to hold for you. This way, when the festive season is over, you'll have cash to start the new year without breaking the bank.

Avoid liquidating your assets, such as Bitcoin, because once the money is in your account, you may feel tempted to spend it. It's better to plan ahead and be cautious during the holiday season. Shake off the pressure, it's only when you feel pressured that you start looking for ways to make yourself feel among the successful ones.

Your advice is good at least it will going be a reminder for some people here, because most people get carried away in festive season like this. Then after they have lavished enough money come the beginning of next year they would start looking for who to sustain them, at least we know that we are season of enjoyments but let it be in such a way that it not affect us after the festive season. However, I think is very necessary for us to always to plan our self very well and spend wisely.

There is no reason that will make anyone spend above his discretion. That's why it is advised we spend withing our discretion and not overdue to the extent of mismanagement that will lead to selling our bitcoin stashes. a good investor should be able to settle his need, invest in bitcoin,  set aside his emergence fund and still have a discretionary income that will help him to sort himself out from some situations without even dip diving into his bitcoin holdings.

OP you don talk the koko onto say some people go lavish money just for this Christmas and no go reason say tomorrow dey way dem supposed spend on reserve.
E go also make sense say even if investors go sell their bitcoin make e be via their initial plans say dem go use a particular amount take do dorime for the Christmas but remember not to do pass their selves because tomorrow far way be say dem no need get carried away by enjoyment or trying to show them selves say dem get money. If not na to com back to square 1 go be the person own comes next year 2025

I think your post is centered more on competition than more about the financial advice you're trying to give and well i see that your post is coming from a genuine and sincere course of wanting to help the people around you but you too also know say for this our country, yourself na already enough competition and anybody wey go see the next man as him own competition is left for such a person because you go end up messing up your life even before you go even realize the matter.

regardless of everything, i personally believe that, life on its own no get manual and wetin work for one person fit  no work for the next person and as make we all try to figure out wetin work for us and try to stick to am as long as na wetin dey good from the depth of our heart.
me i be person wey no believe say person something go actually move me and as such,i no believe say another person doings go give me pressure especiaslly when i no know how them dey take dey get their own money because me i know how i dey get my own and i dey focus more on expanding my coast than letting wetin another person get to pressure me. 

You have a very valid point here OP. This evening, I was actually telling someone something similar. You see, the country we find ourselves is a place where the only time people tend to eat well is during festive periods like this, which will then become a major priority to them. I'm not saying it's bad to cook/eat during festive periods like these(besides I celebrate the Christmas too), but making it a priority to do certain things sometimes is not necessarily. Times like this is when we find couples that are not in good terms, all because one party failed to provide the necessary things for Christmas.

Truth is, so many people forgets that the coming year also comes with demands. Of course, there are lot of people that are only thinking about what to eat and how to spend their best this festive period. It's not bad, but doing this when you know that your financial capability isn't strong is definitely a wrong decision to take. Trust me when I say, only few will adhere. You and I know the country we live in. Nobody wan dey left behind for the celebration matter.

Regardless, Merry Christmas to everyone.

Merry Christmas and happy new in advance to my oga them at the top, I'm really very grateful to have given this opportunity to part take on this topic.
I'm very happy to have come across this thread today because this is what have be in mind that this is festival period that we should mind on will spend the money that we have at hand or in bank because January will still come and were the month of January doesn't use to move fast to the weekly or monthly earners, my advice is to allow some of your Bitcoin investments to be  still mining for you.

It is our duty to discourage as many people as possible from compulsive buying because it is never a good practice. Unfortunately,  such practice is what dominate the social media space as they are pushed by these self-acclaimed bitcoin influences. It is only on rare occasions that impulsive buying never ends in trouble for the investor because the tendency of manifesting all the bad traits, that lead to losses,  is very high.

Every investor has a reason for holding their Bitcoin, so it isn't a bad idea to sell some of it for the holidays, some investors might choose to buy Bitcoin at the start of the year in the hopes of making a profit at the end of the year and using the profits for the holidays. The fact that we own Bitcoin does not exclude us from selling in an emergency or other situation when we are forced to touch our assets.

However, I do not disagree with what you said because it is good advice for some newbies who have just started their Bitcoin journey to hold for a long time, and we all know how they can easily oppress some people, they'll say things like, "This guy wants to play with my doings, he thinks maybe I am not working hard before you know some people will rush to sell their holdings to show themselves in the society that they are also big boys." So let us celebrate this holiday season properly, spending only what we can afford; it will soon end, and anyone who does too much it will have their eyes cleared.

From January to December people have been working hard to earn money. Time for good holiday yiu won't tell them not to enjoy their money. Omo enjoy to the fullness time wait for no man. Don't be stingy for yourself, take yourself out and enjoy with family.  If e reach to touch your savings touch am. Lol. But have some reserves for next year.

A wise king will know when to stop. You can't empty your account for Christmas. But a good thinker had before now kept Christmas buga funds and he won't exceed the plan.

I would like to have a fund for specific holidays. It is always advisable to have an emergency fund, reserve fund or other funds ready as part of an investment plan, which includes a fund for major festivals or holidays. I don't think we should skimp on spending money on entertainment. If we can have enough cash flow in the festival fund with proper planning, we won't have to sacrifice anything and our Bitcoin investment will be safe.

You hit the nail on the head. This has also been my point, I have seen post that encourage people to carry our very stringent Bitcoin investment which is only for the short term because it's hard to only focus on Bitcoin or any other investments while neglecting your personal needs, it's just a matter of time before you deep hands into you Bitcoin wallet.
Always consider yourself first before investing, best you can find a way to increase your income this can also come in handy.

I have always advice people to plan their investment to cover for personal needs and also some other emergency needs such as a season like we have now. Through proper planning, there will be no need for the investor to sell bitcoin for this kind of holiday unless the investment was made separately for such and different from those kept for long term HODL. This is not bad in my opinion because there are people who save fiat for holidays and if someone can save fiat for holidays, then bitcoin can also be saved for the holidays.

Merry Christmas and Happy New Year to everyone in this forum.
 
Let's go down to the main purpose of the topic, which is advice to people, most especially to the newbies in bitcoin and some that don't have enough discipline when it comes to financial management. I know we are in a festive season in which everyone will try to have a connection with a lot of their families that has been long since you guys met with each other, and there will be a lot of oppression that will come for friends and family, and there will be a lot of expenses.
 
What I want to encourage is that no matter what, you shouldn't take it so personally or spend more than you have, which might lead you to sell your bitcoin investment because of the festive season. and don't let yourself enter the debt that will be very hard for you to pay because the festive season doesn't last for more than 10 days. So no matter what, you should always have critical thinking before making financial decisions this festive season because there is no need for competition in life.

If you really want to be financially free in your life, then you have to focus and forget anything like competition or impressing people with your time and money.
 
The flow is open for more advice that will be useful for this festive season to avoid making financial mistakes.