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How to Manage Your Finances During Holidays in Nigeria

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Happy Holidays in Nigeria is typically a period where people get de-stressed from the strains of work. The Nigerian entrepreneur needs this period to also help him save strength for the business journey ahead. This could be the only time he ever has to get out of the routine of work and reboot.

However, what usually seems like a period to look forward to tends to become an epic fail. Many entrepreneurs have hence found it difficult to benefit immensely from the fruits of such periods.

A major issue has always been managing expenditure during such times. A social synonym for holiday in Nigeria is spending. Whether it’s heading home to see loved ones or going outside the country to choice locations, spending is king.

This article seeks to provide the entrepreneur with creative ways to stay on top of their cashflow during holidays.

Take a look :

How to Manage Your Finances During Holidays in Nigeria

 

 

1) Budget

Other tools may be old school but not this one. A budget determines how far, far is. Usually, it starts with having in mind the kind of holiday you want to have. Is it a new cultural experience you seek? Do you seek to get new business ideas from a place like Silicon Valley? This gives tone to how the holiday pans out eventually. In setting a budget, you need to know your:

” A budget is your financial compass during holidays”.

 

 

  • Location

This is the ‘where’ of your budget. Knowing how much it takes to get there gives form to your budget. Also, have an idea of what your routine will be whilst there and roughly how much it will take to sustain you and your family or co-traveler there. You don’t have to go to a place because it’s a trending destination. That’s why I started off asking the why question.

Realistically, don’t go where you can’t afford. This brings me to the next point…

 

  • Cash boundary

It’s okay to go for a boat cruise in Antigua but it’s definitely not okay to do so at the expense of your business. That’s economic suicide as far as your business is concerned.Why go on such a trip when you haven’t paid staff or taken care of the rent for your office space?

“Holidays isn’t an excuse to let your business sense go on leave”.

Take a deep look at your liquid state and find out how much cash you can afford to spend.How much more you expect to receive before, during or after the holiday period? If you’re going in the company of others, are you going to pool resources? If you are going with your family, do you know how much will cater for their accommodation, feeding and transport?

 

2) Purchase

After budgeting, you’d have a clear idea of what you’d need for your trip. It pays to plan your holidays ahead so you know what and what not to get. The rule of thumb is to always travel light. This means, you’d need to know what your trip essentials are and stick to them.

If you’re traveling abroad, it’s wise to sort out your foreign exchange issues ahead of time. With the volatile exchange rates currently, this tip is in no way outdated. In purchasing a Personal Travel Allowance for your foreign trips, you’d need :

  • A valid visa to your destination with your international passport
  • A return ticket

NB : Your PTA gives you about $4,000 per quarter leeway which is payable in cash or travelers cheque.

Secondly, it’s advisable you purchase your Forex from the bureau de changes in town. They offer competitive rates compared to their contemporaries at the airports. Finally, let your calculator be your friend when checking for differentials and always be on the look out for the exploitative tendencies of black market operators.

Those on holidays within the country need not bother about Forex but they need to make wise purchase decisions. Always have it in mind that items in your prospective destination will be expensive. This will guide your decision making.

 

3) Fine tune

After you’ve made a budget and purchased the essentials, you need to fine tune your plans. This is the crux of all your travel arrangements. If you’re going to your native home, fine tuning means you’d find out if they have ATMs for your card transactions. Is the network friendly to back your transfer transactions? You may think this is too detailed but what if you have an emergency situation that requires prompt action? Clear?

For those traveling outside the country, fine tuning involves notifying your bank of your intending trip for security purposes. Letting them know that you’d be making use of your debit card on your trip to avoid carrying cash around will keep them in the loop and prevent likely suspension of your withdrawal activities.

Also, say no to last minute bookings as they are usually more expensive. You don’t want unnecessary expenditure, trust me. This is necessary for those planning to travel with more than half a dozen people. It’s not a crime to fish for better deals or packages. It’s the wise thing to do.

 

 

All these being said, have fun ?

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