By Kingsley Samuel
As Nigerian families look forward to making the most of the holiday season, rising household expenses could make it difficult for many to balance leisure, family activities and financial responsibilities.
With children spending more time at home, households may have to contend with higher electricity consumption, increased spending on food, entertainment, transportation, airtime and data, among other expenses.
However, Osasikemwen Ighile, Brand Manager, FairMoney Microfinance Bank, said families could enjoy the holidays and still protect their finances by adopting simple and practical money-saving habits.
Ighile said households should not see the holiday as a period to suspend their financial goals, stressing that careful planning could help families create memorable experiences without unnecessary financial pressure.
“Summer should be about creating happy memories, not financial headaches. With a few intentional changes, families can enjoy the holidays without putting unnecessary pressure on their finances,” she said.
According to her, one of the first steps families can take is to become more intentional about how they spend, particularly on small daily purchases that can accumulate over time.
“Cash can disappear faster than you expect, particularly when there are children at home and several small purchases are being made every day,” Ighile said.
She advised consumers to consider using debit cards for eligible transactions, noting that keeping digital records of payments could make it easier to monitor spending and identify unnecessary purchases.
“Whether you are paying at a store, shopping online or making everyday purchases, having a clear record of your transactions can help you understand where your money is going,” she said.
Ighile also urged households to plan ahead for utility bills, as increased activity at home could lead to higher electricity, cable TV, internet, airtime and data expenses.
“From cartoons in the morning to football matches in the evening, the television is likely to be working overtime. Add fans, air conditioners, gaming consoles and other appliances, and household consumption can quickly increase,” she said.
She advised families to pay eligible bills on time to minimise the risk of service disruption and applicable late-payment or reconnection charges.
“Planning ahead gives you greater control over your household expenses and reduces the chances of being caught unprepared,” she added.
The FairMoney executive further advised families to continue saving during the holiday, even if the amount set aside is small.
“Saving does not have to mean putting away a huge amount at once. The important thing is to start with what you can afford and remain consistent,” Ighile said.
She encouraged consumers to consider eligible savings products, including FairSave and FairTarget, subject to applicable terms, conditions and eligibility requirements, particularly when saving towards specific goals such as school fees.
“Parents who already know that school fees and other expenses are coming after the holidays can begin setting money aside towards those goals now. Starting early can make the financial burden easier to manage when the new term begins,” she said.
She also advised families to plan affordable activities instead of spending money on outings every day.
“The holidays do not have to be expensive to be memorable. A family movie night at home, a picnic, indoor games, a cooking competition or a visit to relatives can provide meaningful experiences without stretching the budget,” Ighile said.
According to her, planning family activities ahead could also help reduce spontaneous spending.
“Sometimes, the best memories cost very little,” she said.
Ighile also recommended buying frequently used household essentials in bulk where it offers better value, while cautioning families to compare prices and avoid buying more than they can afford or use.
“With everyone at home, groceries can disappear much faster. Buying commonly used items in larger quantities, where affordable and appropriate, can reduce frequent trips to the store and help limit impulse purchases,” she said.
She stressed that enjoying the holidays did not require abandoning financial discipline.
“Small changes in the way we spend can make a significant difference over time. The goal is not to stop families from enjoying themselves, but to help them enjoy the season while keeping their financial goals in sight,” Ighile said.
“A few smart habits today can make the months ahead much easier, and that is a win for every household,” she added.
