5 Key Questions for Christmas Shopping

A typical household in the UK spends just over £2,500 per month, according to a report by the Bank of England. However, our spending habits change in the weeks leading up to Christmas. We spend almost £740 more in December, 29% more than in a typical month. Other countries are likely to observe similar or greater spending patterns. 

It is likely that you will spend more than expected during the holiday season if you do not have a budget in place. In this season, there are two primary money temptations, the temptation to spend money that you do not have and the temptation to spend money on items that you do not need. Below are five tips for avoiding these temptations this December. 

1. You should ask yourself if you really require the items you plan to purchase. Do not purchase on impulse. You might want to wait until the next day before making a final decision to purchase. 

2. Consider getting a second opinion. If your passion is getting the better of you, a second opinion may provide you with some clarity. 

3. How many hours of work will be required to earn the money you intend to spend on this item? This is my preferred method of determining whether you can afford it. 

4. Would you be able to use an alternative rather than purchasing a brand new item or a more affordable brand? 

5. When you have considered all the four points above, you still feel that you need to purchase the item, please check online for coupons or sales. You will be surprised at how much savings you can make by doing a little research online. 

 #Let'sTalkAboutMoney #iEphraim #iEphraimbooks #iEphraimTuesday #LinkedInbookclub #bank #sales #change #money #brand #research #work

Comments

Post a Comment

Popular posts from this blog

First 5 years in the UK as a Nigerian Expatriate (Migrant)

This information will equip you with essential information that will help you transit and settle-down seamlessly into the UK system. They are in no way exhaustive so it also good for you to conduct your  research in areas that are important to you.  This article is a response to specific questions asked by somebody who has gotten a job in the professional services space. Therefore, you will find that I've used a lot of terminologies in the professional services sphere that you can replace with terms that are common in your field. Question addressed here include.  1. Readiness for excellent working skills and workplace etiquette in the UK  2. Cost saving technique especially with family of 4  3. Process of Owing properties without ILR/PR - e g. House & it's benefits  4. Ways to fast track ILR/PR in the UK rather than waiting for the 5years period  5. List of other side hustle/business that someone can get involved to increase source of...
Read more

How Couples Can Resolve Loss of Income

Family's finances can become complicated when one member of the family is out of work. One of the parties is then responsible for caring for the rest of the family. There are three scenarios that can cause this to occur. The first aspect is the general unemployment state. This is the easiest part of the process because at least there is still the possibility that they will find employment regardless of how long it takes. Second, it is a result of long-term illness or permanent disability. Even though there is still a possibility that they may return to work, these are definitely trying times for the party left behind to care for the other party. Finally, if the other party passes away, this is the final scenario. In all of the above situations, it is essential for couples, whether they are already married or intending to marry, to prepare in advance, just in case anything happens to them. Fortunately, all of these risks can be insured. Do not wait for something bad to happen before...
Read more

Dreams Come True

Many times in our journey through life we shift grounds on possibilities. Many times we have this great dream with "high belief", optimism and are so certain that nothing could stop us from achieving them but after a few circumstances ( or passage of time), we soon give up on those dreams. All the optimism soon die down. All the beliefs and high hopes are thrown away and most times we settle for mediocrity. The man that succeeds is the man who holds on till the end. The one who hopes against hope!   The one despite his circumstances or little success, maintains his confessions and positive attitude towards his dreams and aspirations. This one is not worried about failing (or should I say he doesn't care). He is determined in his mind that even if his dreams do not come through, he will keep believing! For some of us there's no going back to our resolve for the good life, the dreams we hold in our heart day in day out. Even if we've got several "NOs", we ...
Read more