December signals end of a plan period for many and when it comes, its dawn on people that the year is over, so people take stock of their financial achievements.
This realisation and desire to meet expectations is usually the cause of impatience that may bring about losses and unnecessary pressure if one is not guided.
Procrastination on financial planning is something that many people are guilty of. At the beginning of the year many people think that the year is still young and that they have all the time to take the necessary financial steps.
Hence the alibi to procrastinate plans to pay rent, to plan for children’s education, to begin a housing project or to commence a programme that will add value to them.
Plans for Yuletide celebration and travels is one area that people plan for at the last minute as the urge to travel to have a reunion with family members that they have not seen for at least the last one year become the driving force, and eventually it plunge many into debt and financial pressure.
Making plans for travelling during this season at the beginning of the year saves you the troubles you will go through making plans at the rush hours.
Making plans to pay up house rent is another area people fail to take proactive steps to plan for. The temptation to think that you have at least 12 months to go before renewing your rent and the notion of thinking that you will pay up at once when the rent is due instead of breaking the lump sum down and keeping part of it monthly put people under unnecessary duress in this regard. Even though you can’t meet your target of saving for the full rent at least you have something to hold unto and would not have to start from the scratch.
Planning for children’s education and payment of school fees is another area people fail to plan ahead of. Some people may have reasons for not making early plans such as their children not been of school age yet and so still have time to plan, others have the excuse of not earning enough, others are of the opinion that they will soon land a better job and earn a better pay and should not think of making little savings. Whatever your excuse may be it is advisable to make early plans in regards to this, leveraging on different platforms of banks on this as it will help you in the long run.
Hope Ikwe Dosunmu
