It is that time of the year where everyone spends like crazy. You need to remember that 2014 is coming and the period from January to March is always a tough one especially if you are a salaried employee with undiversified revenue sources.
As you spend, remember you will need to pay rent (for office or home), school fees (for your kids or dependents) and transport (to and fro work), in addition to a plethora of other costs.
Many times, your expenses in Dec can easily be contained.
One of the rules is not to buy new clothes in December, as prices tend to be on the higher side due to high demand.
Everyone is in a shopping mood. Wait, and buy in mid-January or early February where shops have stock that did not go. That is the time of the year someone sits in a shop and there is few or no buyer coming.
In the past I used to spend a lot of my hard earned dimes at one of the top apparel shops in town until I was disappointed. I bought a suit at Ugx. 800,000 around 13th December; only to visit a month later and the same suit was going for Ugx. 350,000 in the same shop!
I laughed at myself. Since then, I say: to hell with fashion.
I know coaches and advisers are telling you to set goals, a vision and objectives for 2014. Yes, they are right.
But the way they are telling you to do it is wrong.
You need not more than two top priority targets for 2014. Then break them down to the specific activities you will do to accomplish them; and your monthly milestones. Don’t forget to have someone to help you track the milestones.
To buy land for our home at a maximum of Ugx. 20m; within a radius of 15 kilometers of the central business district by September 2014.
You need to find a way of raising the money.
If you are salaried, and earn about Ugx. 500,000.
Your target would be to save at least 50% of that. It comes with a lot of sacrifice for your current lifestyle.
Wish you a merry Christmas and prosperous 2014 and beyond.
Mustapha Mugisa, 2013. All rights reserved.