The New Year is often difficult for people who failed to plan and undertook avoidable Christmas expenses, especially with school fees, house rents and other expenses to cater for. In this report, PAUL OKAH takes a look at the situation.
Christmas usually comes with a certain spirit that involves spending on items that are often not necessary while trying to please friends, neighbours, business associates and relatives.
In the course of the yuletide, some Nigerians usually attend wedding ceremonies, traditional marriages, birthday parties, child dedication ceremonies and other social events, during which they spray money and buy drinks or make financial donations, oftentimes on impulse.
Interestingly, after the yuletide, the scale of the fall of the faces of many Nigerians as people who travelled to their respective villages often faced the reality of paying high transportation fares just to return to base to resume work and/or continue their businesses.
While desperate Nigerians often sell their belongings or property just to make up for the high transportation costs to get back to base, others are sacked from work for not resuming in time by no-nonsense companies.
Also, payment of school fees, house/shop rents or even feeding is always a problem for many people who spent impulsively during the yuletide, while some get evicted from houses or shops due to delays in fulfilling rent obligations.
No money lender
While many grapple with New Year realities, others look for whomever they can borrow money from to be able to stay afloat until payday as workers or until businesses pick up.
Speaking with this reporter, a secondary school teacher in Abuja, Mrs. Jacinta Odey, said it has been difficult for her to borrow money due to the fact that many do not have enough to spare.
She said, “The pathetic thing about human beings is that they only think of benefiting or getting, but never to give. Christmas is supposed to be a season of love, a time we share goodies to friends and family members. I didn’t get a salary from my office in December. In fact, my salary hasn’t been paid till tomorrow as I work in a school where we get paid often in the first week or second week of the following month.
“I have tried to borrow money from friends and neighbours, but I couldn’t succeed as they don’t have enough to spare or are afraid of the unknown. Many travelled home for Christmas and are not yet back. Some that are home claimed they spent everything during Christmas and have nothing else to spare. So, it’s a difficult moment for us.
“I’m just trying to survive with my family until my salary is paid. It’s not as if I spent much this yuletide, I only sent a little amount home to my parents to get a few items as we were promised salary payment in December. So, it’s a difficult moment for us as we are looking forward to the first or second week of January for salary to start life for the year.”
Selling property
As a result of the avoidable expenses they engaged in during the yuletide, many usually resort to selling their mobile phones, laptops and other gadgets that can fetch money for them to survive economic hardship in the new year.
During an interaction with our reporter, a dealer on electronic products in Abakaliki, Jackson Odinakachukwu, said he usually buys some electronics gadgets at give-away prices from many who spent unwisely during the yuletide and need money to survive the harsh realities of the New Year.
He said, “I have seen it happen many times so it’s no longer a surprise to me when people come looking furtively or unsure to my shop. They’re always in doubt whether I can buy an item from them to complete their transportation fare. This is because they spent more than they planned during the yuletide. Therefore, I gain from their carelessness.
“While some sell their mobile phones, others sell laptops and other gadgets, always at giveaway prices because they’re always desperate to raise money for transportation or other expenses. For instance, a phone they bought at N100, 000, N150, 000 or even more than N200, 000 can be sold for N50, 000 or even less, but always half of the market value.
“It’s my business, so I buy and sell later, pocketing the profit. It’s not my business that they spent all their money during Christmas. It’s just that people like moving with the tide or repeating mistakes, otherwise, many people didn’t have any business traveling home for the yuletide. New year is like two months combined because it’s always difficult for things to normalise after the yuletide.”
Business owners taking advantage
Interestingly, while many people usually complain of harsh New Year realities, others who planned well, especially businessmen, usually start up projects from money they made during the yuletide.
A businessman in Abuja, Jafaru Ahmed, said he commenced a building project in December because of money he made during the yuletide.
“I have numerous businesses I do, which always peak during the yuletide, so it’s my best time of the year. While many people are busy spending money, I will be getting mine. I have buses and tricycles on the road for transportation, I have provision stores, I have poultry farms and a pure water factory.
“I started the foundation of my commercial building just last week. The patronage of my businesses this yuletide was massive and beyond expectations. I was surprised because despite people complaining of no money and economic hardship, they still travelled for Christmas celebrations and bought items.
“January is usually another booming period for us because we always have products in stock while companies and factories are yet to resume production. So, we have an advantage because while others lack products, we usually have them and sell at higher prices. The trick is that when you don’t see a particular product in other shops, you will be forced to buy at any amount wherever you see it. So, we are the ones benefiting from the people, whether it’s Christmas or New Year,” he said.
An expert’s admonition
In an interview with Blueprint Weekend, an economist, Kingsley Madueke, advised Nigerians to embrace budgeting in order not to lose track of their expenses or get stranded in fulfilling family obligations, especially in the New Year.
He said, “New year is always difficult for many because experience has shown many spend far above their salaries or incomes during the yuletide. It happens every year and people hardly learn because some don’t budget for their expenses and hence spend according to whatever cash they have at hand.
“For instance, I read in Blueprint last weekend about the high cost of transportation to different cities, yet many Nigerians had to travel despite the hike. That’s asking for trouble because transportation will also be high while coming back to your base and you will get stranded if you don’t have any money you put in to sustain you until payday.
“So, it’s always advisable to set aside money for house rent, school fees, shop rent, feeding, transportation to work and other expenses, especially if you’re a monthly salary earner. This is because January is usually too long for many waiting for the end of the month to receive their salaries.
“It’ when you fail to plan or budget for your expenses that you will start selling your properties or begging people to lend you money to survive the harsh economic realities always faced by many in January. If you made such a mistake last year, learn from it and correct it so that you can be better than others in subsequent yuletides. No one has ever won an award for being foolish, so be wise in your spending.”
