Why most Nigerian struggle financially in January

[Uhwuchukwu53]

The saying one should cut it coat according to it's size should not be overruled by an individual, I know op statement actually happened in some individual but not all falls into this category of over spending on clothing and traveling on festive period like Christmas.

This is the course of many hardship is as a result of under paid job, low salary or source of income to Carter daily responsibilities of those that face such, despite using scale of preference cutting down expenses, as many own debt as a result of all time inflation that don't match their income for feeding and other health issue which accumulate against the preceding month. People of this categories which hardly settle up or level up their debt at the end of a month will always face hardship at the preceding months.

Why January is well notice by all sort of people around the society is due to the fact that those who are debtor find it difficult to meet those where they always collect on credit as they will be looking forward to renew and increase their products for the year. But op idea sometimes play out but not completely in most cases.

[Juicyhome]

Nigerians are religious people, most Christians py there foret fruit in the first month of the year, all salary been paid to the church for more God blessings and protection of the year. They have to Starve themselves although January till February salary comes in. While some spent all they money for the festival period and find it hard to save for the new month. So many factors that can lead to Nigerians struggling bdly in January.

[iBaba]

The saying one should cut it coat according to it's size should not be overruled by an individual, I know op statement actually happened in some individual but not all falls into this category of over spending on clothing and traveling on festive period like Christmas.

I think many Nigerians have the habit of overspending without budgeting and not even spending over their budgets. At least I can speak of the region I come from. And many of our people here believe in spending today with the belief that God will always provide. While it is okay for everyone to believe in their religious convictions, I don't think it is okay to spend without planning. Whether it is in the festive period or not, setting up limits against our spending is the most sustainable way of life and business.

However, plenty people have learnt how to adjust their spending since this regime started. The economical hardships continues to loom over the citizens of the country and the hit of the economic hardships varies across states. There are states where the Governors have tried to salvage the situation whereas there are states where the Governors have done worse especially in their salaries, wages and pensions.

[Yucky]

Most Nigerians struggle financially in January because they spend more  buying new clothes they already have, making more financial expenses on traveling, which some are not really relevant, over spending on food which is even more than a 6 mouth budget. instead of making plans on how to renew house rent store rent paying of school fees by January e.t.c

If you're still struggling financially every January it means you still have a lot of things to fix up with your financial management. We know the season generally comes with a lot of spending and project flying here and there but as a wise person, proper planning and preparation are expected of you even before the season comes fully. It's necessary to establish a fact that for most people who visit the village during Christmas and New Year, it's a very bad thing if you don't budget the amount you will spend throughout your stay in the village. Failure to plan this might even go on to ruin a good portion of the rest of the year for you. We know that businesses don't strive too well from January to March and if you don't know how to set your financial plan on track such that you can easily adapt to whatever comes after the festive season, you will end up joining the company of those that visit the village with a lot of money but can't afford to pay their T fair back until they sell out their phones and gadgets.