By Rehana Ahamad

THIS year has been incredibly unpredictable. Since the emergence of the coronavirus from Wuhan, China, last December, the world has not been the same. As at last evening the virus had infected 77.6 million people globally; 1.72 million persons have died, while 43.8 million were fortunate enough to have recovered.
The COVID-19 pandemic continues to ravage the world, devastating families, communities, corporations and countries. In Guyana, more than 6,000 persons have been infected, with 160 persons losing their lives; the local figures are especially troubling, considering the fact that Guyana is home to barely 747,000 persons.
The economic effects have resulted in loss of jobs and income for dozens of Guyanese families. This year, the usually anticipated holiday season is not quite anticipated, as many continue to struggle to make ends meet, and to adjust to the new normal.
Despite the global devastation, Guyanese are known for their ability to weather storms and find fun and joy in almost everything. It is therefore safe to say that even though Christmas is not particularly anticipated this year, Guyanese will most definitely be celebrating.
In all the festivities however, persons are encouraged to spend wisely and avoid splurging this Christmas.
Chartered Accountant and Lecturer at School of the Nations Incorporated, Terrence Jaskaran was kind enough to share some financial tips that Guyanese can follow as we approach the festive season.

AVOID IMPULSIVE SPENDING

When I shop for Christmas, I usually end up spending on things that are not on my list, but, as Jaskaran has advised, this could lead to disappointments.
“With all the decorations, happy feelings and festive mood, it is very easy to get carried away with your purchases and end up buying impulsively. One can easily lose track of one’s spending with the end result of incurring expenses on non-essential items,” Jaskaran said in an interview with this publication.
He believes that Guyanese, from all walks of life, could benefit tremendously from a spending plan which prioritises expenditures based on necessities and wants.
“You can plan perhaps along the lines of food, drinks, decorations, presents, travel, utilities, and maybe entertainment, with a dollar value attached to it,” Jaskaran noted.
The accountant reminded, too, that electricity bills have a tendency to be higher during the month of December.
“It is important to be honest with yourself and accept limitations in your spending power. It is better to reduce one category if you’re going beyond your budget rather than to incur debt,” Jaskaran advised.
AVOID DEBTS

When it comes to shopping for new clothes for the season, I tend to make ‘impulse’ purchases that usually take a dip into my savings; or, sometimes I “borrow” a few dollars from mother dearest. Just as I am usually tempted to take from my parents, many persons are also tempted to go as far as taking loans to be able to “afford Christmas”. With 2020 being a clear wake-up call, Jaskaran is advising Guyanese against borrowing money for the holidays.

“You may not be able to get presents for everyone and as such prioritising is important even for gift purchasing. Set your budget, and stick with it. Do not buy presents that you simply cannot afford. As a rule, spend from what you have (cash and bank) and not from credit,” the accountant urged.

RECYCLE AND REMAKE

This COVID-19 pandemic has taught us much about being environmentally-friendly, and the need for us to pursue sustainability in all areas of life, including the financial. Jaskaran is adamant that recycling and remaking should be the rule of the season, especially during a year as challenging as 2020.
“You may be presently surprised of the savings, though small, that you can gain from recycling Christmas items such as gift papers, bows and even ornaments. Buy only what is necessary and what you planned ahead for,” Jaskaran encouraged.
He believes that making homemade Christmas items, including decorations and presents, can be quite economical in these times.
“For example, Christmas cards made by the kids for their grandparents, while having greater emotional value, may also result in cost savings,” the lecturer posited.

JOINT VENTURES

Jaskaran has a concept that gives ‘joint venture’ a whole new meaning. As a person who loves receiving gifts, it is not a concept that I quite appreciate. However, as a person who has to give gifts, it is one that I plan to implement this season.
“Consider joining together to give gifts instead of individually buying everyone on your list a present. Other members in your household may contribute to the purchasing of a present for a loved one and a gift from us all may be better and cost efficient than many gifts from us individually,” Jaskaran noted.

GO E-GREETING

As much as I value technology and saving the planet, I do have deep appreciation for hardcopy reading materials such as newspapers and books. The same sentiments apply to Christmas cards, since I grew up in a home that cherished them. However, given the year we’ve all had, a beautiful e-card may be best this Christmas.
“It’s a ‘Guyanese thing’ to send Christmas cards to friends and almost every family member. Many of these persons reside overseas as well, so there is the cost of (buying) the cards, as well as postage. This Christmas we may save in on those costs and wish friends and family a Merry Christmas on social media or via email,” Jaskaran posited.

GOING LOCAL

During the holidays, a large component of our grocery list accounts for bottled beverages. Jaskaran is encouraging us to cut down on the aerated drinks this holiday.
“Consider homemade alternatives such as ginger beer and sorrel,” he recommended.
Jaskaran said that, in addition to being more cost effective, homemade drinks may encourage us to be healthier, making us even stronger to fight against the deadly COVID-19.
“They also provide a more traditional Christmas feeling,” Jaskaran noted.
“This can be extended to other packaged, canned and processed imported foods as well. Buy local alternatives and make what you can at home; you’ll save, and it can be a fun family experience making stuff together and of course nothing tastes better than ‘homemade’,” Jaskaran said.
His advice may differ once he tries my epic casreep egg fried rice. It’s definitely homemade, but I can count on a few other things that may taste better.

PLAY THE SAFE CARD

Given all that the world has endured this past year, many of us may be tempted to justify splurging during this season. It has been a long, difficult, deadly year, and we don’t know what tomorrow may hold, so, I might as well buy this captivating $30,000 watch, even though I know that the money may be better spent elsewhere. Jaskaran has put a damper on my splurging plans, advising that we should “play it safe” this Christmas season.
“We could not have imagined in December 2019 what 2020 had in store for us, and while we are all optimistic about 2021, we should not forget the lessons from 2020,” Jaskaran urged.
He added: “We do not know if there would be additional lockdowns or curfews, and no one’s job and health are guaranteed. The only thing that’s certain is that there will be uncertainty and as such, a ‘better safe than sorry’ mindset will make for a happier 2021, as opposed to a ‘let’s spend it all, enjoy the Christmas and hope for the best’.”
Jaskaran believes that a little planning and being firm with the way we spend would guarantee us much joy during the holidays.
“Christmas doesn’t have to come with a nasty New Year debt hangover,” Jaskaran maintained.

REPORTER’S NOTE

This is the first of a four-part series that examines how we continue to adjust to the new normal. Part two will feature some tips on how we can optimise our use of technology in celebrating with our families and friends, this Christmas.