Detty December in Nigeria often comes with increased spending on food, gifts, outings and travel. By January, many people are left with depleted accounts, rising bills and financial stress.
Recovery does not have to be difficult. With a few deliberate steps, you can regain control of your finances and start the year on a stronger footing.
Here are six practical ways to bounce back after heavy December spending:
1. Create a January budget
Draw up a clear spending plan for the month. Allocate funds for essentials, savings and a modest allowance for personal treats. A budget helps prevent continued overspending into the new year.
2. Take full stock of your finances
Review your bank balances, credit card statements and outstanding bills. Knowing exactly what you spent and what you owe is the first step to financial recovery.
3. Prioritise essential expenses
Separate needs from wants. Focus first on rent, utilities, food and transport, and cut back on non-essential spending until your finances improve.
4. Limit credit use
Avoid taking new loans or relying on credit cards to fix holiday overspending. Concentrate on reducing existing debts and use credit only when absolutely necessary.
5. Find small ways to earn extra cash
Freelance work, selling unused items or offering a skill can help rebuild your finances. Even small income streams can make a difference during recovery.
6. Build a mini emergency fund
Once your finances stabilise, start saving a small amount monthly. This creates a buffer for future high-spending periods and reduces financial stress.
With consistency and discipline, you can recover from December’s spending and move into the year with better financial balance.
