Can we spend wisely during weekends?
Have you noticed that you spend more over the weekend than on regular days? You have a lot of places to visits, parties to attend and contributions to chip in.
This is exactly what might happen on your leave holidays and during holidays. That is the time you have spared to take care of your things.
Anything that you need to be handled; a visit to the Bahamas, building a property etc. and thus you will be spending a lot during this period.
And if you are not careful, you can indulge in extra expenses that can drain you financially.
Some employers might give you a leave allowance so that you go on a shopping spree or a vacation to the Maldives.
But in most instances, you will have to go into your pocket.
Even if you have a leave allowance, I am sure you are not going to spend all of it having fun.
Just the same way a house allowance of 20k doesn’t mean you live in a 20k crib. It means you live in a 15k house and use the 5k for shopping.
Budget
You have to budget in advance for your leave days just like you do with any other expenses you might incur. Everyone budget, even companies have a financial plan for a whole year.
And if anything that is not within their financial plan comes up, they shall ignore it unless it is essential.
And thus who are you not to plan? Many people overestimate their ability to handle money until they get broke and realise that unlike what they thought, they don’t have financial skills or even the discipline.
Good examples are sportsmen and musicians in Hollywood. They get very rich and go bankrupt quickly too because they have poor spending habits.
The smart ones usually hire a financial manager to help them watch their books.
Spend money you have
And by that, I simply mean you use your debit card instead of the credit card. Use your M-Pesa more than your visa card.
It sounds silly but let me explain. My friend used to have a lot of money on his visa card, and he would just be using the card to pay for things; drinks, clothes and the likes.
And then at some point he just realised that he no longer has money on the card, he had finished the money while using it for payments without even realising.
The problem with these cards is that they make you feel like you still have more to spend even when your balance is running low.
They don’t show you balance, unlike M-Pesa, which shows you balance every time you pay for a good or service.
When it comes to money, some people are not scared to spend, and I understand that. We have different levels of guts. I would say be scared to spend if your money is limited like many of us.
The only way to avoid being spendthrift is to be scared of being extravagant. That is how you will avoid going on unnecessary expenditures.
Travel smart
You will most likely be travelling like many people do during holidays or leave periods…driving down to the village, or visiting a new city.
If you are travelling, you can easily carpool or use companies that organise safaris for a group of people.
Just like the way of going on a road trip alone can be cost-ineffective, so can be travelling alone.
Let’s say you are visiting Naivasha or Nakuru, you can simply find a friend willing to host in those towns. Or a friend to a friend willing to accommodate.
Just be a good host. It is cheaper than booking a hotel.
Buy what you can afford
This is it. The golden rule of spending wisely. Buying only the things you can easily afford without much straining. And you would ask “how do I know I can afford something?”.
That question has many answers but what has been said by some wealthy people is that “if you can’t buy it twice, you can’t afford it” or “if you have to think if you can afford it you simply can’t afford it” etc.
Generally, think along those lines when you want to flex your financial muscle.
According to this article, “it is important to have the urge to avoid buying things you don’t need”.
Kenyans are generally funny when it comes to spending. They think about spending money they don’t even have yet.
They have imaginary money. And you wonder what they will do when they touch the real money. I think it is just like window shopping in your mind.
Shopping for the ‘future’ is not advisable.
You want only to shop the things you need when you get money, not the things you think or wish you have.
You shouldn’t need much if you are to spend your leave days or holidays at home. It is just the regular house budget. And it should even be less if you are just in the house.
But I doubt if many people do that, there is no fun just being in the house.
I know you will be going to the movies a lot, drinking cans of Guarana and lots of Ice wine.
Okay, I am kidding about the last one. Ice wine is pretty expensive, and that brings us to the next point.
Take cheaper options
There is always a cheaper option which might be more fun than even the expensive option. And I am talking to the middle class and upper-class people of the society.
The uptown guys usually think that the more expensive a product or expense is, the better it is, and that is not often the case.
Businesses out here have outrageous prices for fundamental things that you can easily find at a lower rate.
If you are hiring a car for a road trip to Nakuru, you will spend more if you use a Range Rover as opposed to if you get a van with your homies.
If you are planning for a cookout with your friends, you are better off getting a friend who is skilled at cooking, do the job as opposed to hiring an expensive chef.
Cheap doesn’t make you cheap. I know some of you don’t like that word but let’s avoid being broke by acting like millionaires.
There is no fun in being broke.
Read also: How Nairobians spend their weekends?
Leave days and holidays are generally your days to unwind and take a rest after long periods of work and no play.
And we are all about finding easier means of spending these days.
Thus estimate your budget in advance, avoid credit cards, buy the things you can afford, travel smart and take cheaper options when necessary:)
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