Yuletide: Fintech Operator Asks Nigerians To Spend Wisely

A financial expert has warned Nigerians to adopt disciplined fiscal strategies during the Yuletide and New Year festivities, to avoid the traditional financial crunch usually faced in January.

The head of Marketing at FairMoney Microfinance Bank (MFB), Margaret Banasko, gave this advice in a statement in Lagos on Wednesday.

Banasko noted that the warning became more necessary as the year-end festivities, popularly known as “Detty December,” begins to gain momentum.

She said that the festive season often characterised by concerts, parties, and the influx of Nigerians from the Diaspora, frequently led to emotional spending.

The FairMoney boss said that emotional spending could jeopardise critical first-quarter obligations such as rent and school fees.

“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 noted that the festive period was usually characterised by a spike in the consumption of utilities, airtime, and data.

She advised consumers to utilise platforms that offered direct financial incentives or cashbacks on high-frequency expenditures.

“Every percentage saved on recurring utilities like electricity tokens and cable TV subscriptions is capital effectively preserved for critical Q1 requirements.

“Individuals should have a structured resource allocation framework where 50 per cent of December income is reserved for non-negotiable January needs, 30 per cent for discretionary festive spending, and 20 per cent for structured savings and investment.

“The 20 per cent savings portion should be treated as an anchor for long term wealth using automated tools to isolate these funds before spending begins,’’ she said.

Banasko added that rather than viewing bonuses as disposable income, beneficiaries should treat them as investment capital.

“Isolate any unexpected cash injections and categorise them as investment capital.

“Using fixed-deposit tools can ensure these funds remain secure and accrue interest until they are needed for major New Year projects,” she said.

To protect long-term savings from being liquidated during emergencies, the Fintech expert highlighted the importance of having access to revolving credit lines.

She noted that such “liquidity shields” allowed individuals to cover sudden repairs or business needs without touching “ring-fenced” funds intended for rent and school fees.

Finally, Banasko urged Nigerians to seek high value, low cost social activities, suggesting that themed potlucks and local attractions could offer the same emotional fulfillment as high-ticket concerts at a fraction of the cost.

According to her, truly impactful celebrations are measured by the quality of connection, not the cost of admission, and substituting high-cost outings with thoughtful, collective events significantly slashed discretionary spending.
Banasko maintained that by asserting control through these measures, Nigerians could wrap up the year in “financial style” and position themselves for a prosperous New Year.