No matter how calm the year has been, the ember months seem to jolt people out of their laid back state into a frenzy that is usually unhealthy for their finances, career, and life in general. There is a sudden sense of urgency to cramp everything that should have been accomplished throughout the year into the ember months, especially your finances.
However, this unguarded rush can have a negative impact on your finances, sabotaging all other great financial decisions you've made up to that point. As a result, we've outlined the top three financial tips to help you make an informed decision in these ember months.
1. Timely shopping
Shopping early is a wise financial decision when the year is winding down. Make a list of what you want this season, prioritize it, and start shopping as soon as possible. Prices rise as the demand grows.
In ember months, the market dynamics are such that the longer you wait to purchase an item, the more you will pay for the same item. Commodity prices peak during the Yuletide season. Shop early for imperishable food items, clothing, electronics, and other similar items to get a better deal.
"Shopping early is a wise financial decision when the year is winding down. Make a list of what you want this season, prioritize it, and start shopping as soon as possible. Prices rise as the demand grows."
2. Simply buy in bulk
Buying in bulk is a fundamental aspect of financial intelligence. While it seems more prudent to purchase what you need in small bits, buying in bulk saves you more, reduces the cost and saves the profits that usually goes to the traders when they sell in retail quantity.
However, buy in a reasonable bulk according to your consumption range to avoid waste.
3. Not everything has to be brand new
The temptation to replace all of your possessions with new ones is rampant during this season. You want to change your wardrobe, car, apartment, and so on. However, the festive nature of the season does not necessitate that everything should be brand new. Sometimes, renovating an apartment or repairing a car can give you the same glow and feel as buying a new one. If your power generator is making a strange noise, it may only need a minor service to get back up and running.
Whilst in the daily hustle and bustle during this season, stop to think about your retirement. How are you planning for the future? Life will continue after the ember months. Have you started allocating a portion of your income towards securing your retirement? To save for retirement, open a Retirement Savings Account (RSA), and have 10% of your income go into your RSA. Your RSA is money set aside from each paycheck and deposited with a Pension Fund Administrator (PFA) for a financially stable life in retirement. For more information on RSAs, contact Oak Pensions via www.oakpensions.com, info@oakpensions.com or call the Marketing Manager on 09087448661.
Life will continue after the ember months. Have you started allocating a portion of your income towards securing your retirement? To save for retirement, open a Retirement Savings Account (RSA), and have 10% of your income go into your RSA.
ABOUT THE AUTHOR:
Ernest Ademola Ehigie is a Copywriter, Content Developer, Author, Brand Consultant, and Communications Manager with over 5 years in marketing communications. He has written several articles, policy documents, press releases, radio and TV adverts for businesses and organizations. He's the author of the book, "Why You Must Lead" and currently works as a content manager for Detail and Avedia, a leading retail and media consulting firm.