A financial expert has advised Nigerians to adopt disciplined financial strategies during the Yuletide and New Year festivities to avoid the usual financial strain experienced in January.
Ms. Margaret Banasko, Head of Marketing at FairMoney Microfinance Bank (MFB), gave the advice in a statement issued in Lagos on Wednesday.
Banasko said the warning had become necessary as year-end festivities, popularly known as “Detty December,” continued to gain momentum, often encouraging emotional and unplanned spending.
She noted that the festive season, characterised by concerts, parties and the influx of Nigerians from the diaspora, frequently led to expenses that could jeopardise critical first-quarter obligations such as rent and school fees.
According to her, December should be treated as a crucial financial quarter rather than a period of reckless spending.
“Savvy individuals and business leaders must reframe December as the final, crucial financial quarter. The goal is to shift from emotional spending to deliberate, strategic saving,” she said.
Banasko observed that the festive period usually witnessed a spike in utility consumption, airtime and data usage, advising consumers to leverage platforms that offered incentives or cashbacks on frequent expenses.
“Every percentage saved on recurring utilities like electricity tokens and cable TV subscriptions is capital preserved for essential first-quarter needs,” she said.
She recommended a structured financial framework in which 50 per cent of December income is allocated to non-negotiable January expenses, 30 per cent to festive spending, and 20 per cent to savings and investments.
The FairMoney executive added that the savings portion should be protected through automated tools to prevent impulsive spending.
Banasko further advised Nigerians to treat bonuses and unexpected cash inflows as investment capital rather than disposable income.
She also highlighted the importance of revolving credit lines as a buffer against emergencies, noting that access to such facilities could help individuals meet urgent needs without touching funds set aside for rent and school fees.
In addition, she encouraged Nigerians to explore low-cost social activities during the festive season, suggesting themed potlucks and local attractions as alternatives to expensive events.
According to her, meaningful celebrations are defined by connection rather than cost, and making thoughtful choices can significantly reduce discretionary spending.
Banasko said that adopting these measures would help Nigerians end the year financially stable and better prepared for a prosperous New Year.