FairMoney Microfinance Bank’s Brand Manager, Osasikemwen Ighile, has advised Nigerian households to adopt practical spending and saving habits to manage the additional expenses associated with the holiday season.
Ighile noted that while school holidays provide opportunities for relaxation and quality family time, they can also increase household expenses through outings, entertainment, food and electricity consumption.
She maintained that families do not have to choose between creating memorable experiences and meeting their financial goals, provided they plan their spending carefully and remain committed to saving.
One of the strategies recommended by the FairMoney executive is reducing cash transactions and adopting electronic payment methods that make expenses easier to monitor.
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According to her, cash can be difficult to track, particularly when used for small but frequent expenses such as snacks, transportation and market purchases.
She explained that debit cards and other electronic payment channels can provide clearer transaction records, allowing households to understand their spending patterns and reduce impulse purchases.
FairMoney customers, she said, can use their debit cards for eligible in-store and online transactions, subject to applicable terms and conditions.
Ighile also advised families to anticipate higher utility expenses when children are home during the holidays.
She observed that increased use of televisions, fans, air conditioners, gaming consoles and other appliances could lead to higher electricity and subscription costs.
Rather than waiting for services to be disconnected, she urged households to budget for their bills and make payments promptly to avoid applicable penalties or reconnection charges.
She added that FairMoney customers could pay for eligible services, including electricity, cable television, internet subscriptions, airtime and data, through the platform, subject to service availability and applicable conditions.
The FairMoney brand manager further cautioned households against suspending their savings plans because of holiday expenses.
She recommended a “save first” approach, under which families set aside part of their income before spending on entertainment and other seasonal activities.
Ighile said customers could use eligible FairMoney savings products, including FairSave and FairTarget, to organise their savings around specific financial goals, subject to the relevant product terms and eligibility requirements.
She encouraged parents to begin setting money aside for the next school term, explaining that consistent contributions could reduce the financial pressure associated with school fees and other educational expenses.
Another strategy proposed by Ighile is planning weekly family activities instead of spending money on outings every day.
She said households could consider less expensive options such as movie nights at home, picnics, cooking competitions, indoor games and visits to relatives.
According to her, planning activities in advance can help families control costs while still creating experiences that everyone can enjoy.
Ighile also recommended buying frequently used household essentials in bulk where doing so provides better value.
She explained that frequent shopping trips could increase transportation costs and encourage unplanned purchases, while bulk buying may help families reduce expenses and avoid running out of essential items.
She, however, noted that households should compare prices and quantities before purchasing, as buying in bulk does not automatically guarantee savings.
Ighile concluded that intentional spending, timely payment of bills, advance planning and consistent saving could help Nigerian families enjoy the holiday season without placing unnecessary pressure on their finances.
“A few smart habits today can make the months ahead much easier. And that’s a win for every household,” she said.
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