By Chiagoziem Abosi
Edited by Ezennia Uche
Practical steps to reset your wallet and start the new year strong 💸
Every January, many of us in Lagos especially those who experienced the festive energy from various spots, events, and social hangouts feel the post-holiday money stress. It’s that feeling when your wallet whispers “No” after a December of food, gifts, outings, and celebrations.
Economists call it Detty December, the season when spending spikes and savings take a hit. Recovering doesn’t have to be painful or confusing. With the right plan, you can take control of your money again and build financial confidence heading into the new year.
Here’s how.
1. Take a Full Financial Inventory
Before you heal, you need to know your numbers.
🔹 Review your bank accounts, credit cards, and bills.
🔹 List what you owe and what’s overdue.
🔹 Identify how much money you have right now.
Understanding the exact state of your finances gives you clarity and direction. You can’t fix what you haven’t fully assessed.
2. Create a January Budget
A budget helps you plan your money instead of guessing where it goes.
✔️ Allocate for essentials,rent, bills, transport, food
✔️ Set aside a small amount for treats
✔️ Don’t forget savings, even if it’s just a little
Budgets are not about restriction, they’re about intention.
3. Prioritize Essential Expenses
Split your spending into needs and wants.
Needs:
- Rent
- Utilities
- Food
- Transportation
Wants:
- Outings
- Shopping
- Subscriptions
Delay or pause non-essential expenses until you’ve regained stability.
4. Limit Credit and Loan Use
It might be tempting to swipe your card or take a quick loan to cover post-holiday expenses but that often deepens financial stress.
Focus instead on paying down what you owe first, and only use credit when it’s absolutely necessary.
5. Find Ways to Boost Income
Recovering faster often means supplementing your cash flow.
💡 Ideas that work in Ikeja:
- Freelance writing, editing, or social media gigs
- Selling unused items online or locally
- Offering skills like graphics design, tutoring, or event support
Even small amounts can make a big difference.
6. Start a Mini Emergency Fund
Once you’re on more stable ground, begin saving small amounts each month into an emergency fund.
This buffer helps you:
- Avoid last-minute financial stress
- Prepare for future holidays
- Have peace of mind
You don’t need a large balance consistency is what matters.
Practical Habits for Long-Term Financial Health
Beyond these steps, here are extra tips that financial experts often recommend to strengthen your money habits in 2026:
- Track Spending Daily: Write down every expense even the small ones so nothing catches you off guard.
- Cook at Home More Often: Eating out saves time but costs more; home meals can stretch your budget.
- Sell Unused Belongings: Decluttering can turn forgotten items into extra cash.
- Pause Subscriptions Temporarily: Streaming or gym subscriptions can wait until your budget stabilises.
In Summary
Recovering from a heavy Detty December is absolutely possible — and less stressful than you might think. It begins with awareness, planning, and strategic action.
Here’s your blueprint:
- Know your financial standing
- Set a realistic budget
- Focus on essentials
- Minimise credit use
- Earn extra where you can
- Start an emergency buffer
With discipline and a clear plan, you’ll not only rebound from holiday spending, you’ll build habits that strengthen your finances all year long.
Recovering from a heavy Detty December looks different for everyone, and smart money habits are often shared, not hoarded.
If this article helped you, like it.
Did we miss any money-saving or recovery hacks that worked for you? Drop them in the comments your tip might help someone else breathe easier this January.
At Ikeja Bird, we believe good information is even better when it’s shared.
