The end of the year is usually a season of yuletide, a period where most people spend more on things— from buying gifts for friends and family to organising get-togethers and hangouts to weddings and engagements.
After a long, rollercoaster year, it is common for many people to want to unwind and spend some of the money they’ve worked so hard for. However, as we immerse ourselves in the joy of the season, it is crucial to remember that January—the longest month of the year (literally and figuratively) — is difficult for many, with businesses and shops quieter as people count their money post-Christmas. And for millions of people who get paid earlier than usual in December, it also means having to stretch your money until your next pay cheque. Also, considering the prevailing economic uncertainties in a country marked by fluctuations in the dollar’s value and inflation, the need to save and invest becomes more important.
Why do you need to save for 2024?
With economists forecasting a staggering 30% inflation rate by December, it becomes imperative for you to exercise caution in your expenditures. Inflated prices can significantly impact your purchasing power, making it essential to adopt a frugal approach during the festive season to weather the financial storm that may follow in January.
Nigeria’s economic landscape has been marked by persistent scarcity of dollars, leading to fluctuations in the local currency. The scarcity of foreign exchange introduces an additional layer of issues, affecting international transactions, the cost of imported goods, and the overall stability of the domestic economy. In light of this, thoughtful spending during the festive season becomes a strategic measure to mitigate the potential impacts of currency volatility.
What to do
The current economic landscape is uncertain, creating an environment where financial prudence is more critical than ever. In the wake of these economic conditions, we launched the #Roadto2024 savings challenge, an initiative that aims to empower you with tools and insights to navigate the challenges that may arise in the coming months.
What is the #Roadto2024 Challenge?
The #Roadto2024 Challenge is not just about saving money; it is a commitment to your financial well-being. By participating, you’re taking a proactive step towards ensuring a smooth and stress-free January and hopefully, the rest of 2024.
Here’s why you should join the challenge
- Prepare for 2024: By saving a portion of your funds this month and next, you’re proactively preparing for the longer month that follows. The financial cushion you build through the challenge will help you navigate January and the rest of the year easily.
- Be Mindful of Economic Realities: The current economic situation requires us to be mindful of our spending. The #Roadto2024 Challenge encourages a conscious approach to finances, helping you make informed decisions about where your money goes.
- Handle Unexpected Expenses: If you’re not prepared with savings and investments, handling emergencies will be hard as you scramble to pay for them. Some unexpected expenses are relatively small—a flat tire, broken appliance or utility bill. But other expenses like a new roof or a surprising move can cost hundreds or thousands of dollars. If you have savings and investments, you can focus on fixing the problem instead of how to pay for it.
- Reduce Your Stress: It’s never fun to calculate whether you can afford a bill, say yes to extracurricular activities for your kids or join friends for dinner. But if you don’t have savings, you might find yourself trying to figure out if you can pay for expenses more than you care to admit. Savings can reduce your stress and allow you to enjoy life more.
How to Join the Challenge
- Join our Telegram community here, and follow our community social media handle on IG.
- Create a 3-month real estate or fixed income plan and name it “Road to 2024.”
- Create a challenge username; it can be anything you like. This username will only be used for the leaderboard.
- Please, fill out this form where you enter your challenge username and Rise email address.
Add funds to your plan as consistently as you can, and stand a chance to win up to $100 in prize.