The holiday season of 2020 presented a stark contrast to previous years, marked by widespread economic uncertainty globally and a significant downturn in Nigeria. A study by UK-based financial educational hub, Buy Shares, revealed that an average of 48% of global consumers planned to significantly cut their Yuletide holiday spending in 2020 compared to 2019. This cautious approach was even more pronounced in Nigeria, where the COVID-19 pandemic, a shattered economy, and a resulting recession led to economic downturns and substantial revenue losses for individuals, organizations, and families.

In response to the pressing need to drastically cut down on spending while still enjoying the festive season, several innovative solutions emerged. These tools are designed to help consumers maximize their money and make the most of their holiday purchases. This article explores five such solutions that can help individuals spend less and still get the best value during this challenging period.

One effective tool for online shoppers is Honey, a browser extension designed to help users find discounts. This is not a standalone application but rather an add-on that can be easily installed on popular browsers like Chrome, Firefox, and Opera. When a user is checking out after shopping on various e-commerce sites, Honey automatically searches for and brings up available coupon codes. By applying these codes, users can secure discounts on their purchases, thereby saving money effortlessly. Honey operates as a free service and notably commits to not selling user data to third parties, offering a secure and cost-effective way to reduce online spending. After a simple download and installation, users can opt to create an account or proceed directly to utilizing its money-saving features.

For those planning mini-parties and stocking up on foodstuffs, PricePally offers a unique solution for bulk buying at affordable prices. This online market, accessible via both web and mobile applications, allows users to purchase goods in smaller quantities but at wholesale prices. PricePally achieves this through a process called "pally," where it aggregates orders from multiple individuals who might not be able to afford a full item on their own. By coming together, these individuals can collectively purchase large items, such as a bag of rice, and divide it among themselves, thus getting the item at wholesale rates rather than higher retail prices. A key advantage is that users do not have to wait for an entire pally group to pay; their portion is delivered once their payment is confirmed, ensuring timely access to essential provisions.

In an era of increased digital transactions, JumiaPay serves as Jumia’s proprietary payment gateway, enabling customers to pay for items on its e-commerce platform and conduct other purchases. During festive seasons, when communication with loved ones often increases, JumiaPay provides a practical way to save money on utility payments like airtime and data. By using JumiaPay for these transactions, customers can often receive cashback. Furthermore, Jumia frequently partners with other brands during festive periods, offering exclusive discounts to users who pay via the JumiaPay app. An example cited is the Jumia Brand Festival, which previously provided such discounts, allowing users to shave off costs from various purchases.

Effective financial management is crucial for spending less, and for this, a robust budgeting tool is indispensable. Reach is highlighted as a highly recommendable financial app equipped with a comprehensive budgeting feature. This application empowers users to create detailed budgets for their holiday spending and personalize financial plans for each expense category, all based on their individual income. To offer its full functionality, Reach requires permission to read SMS messages and access bank alerts, enabling it to accurately track income and expenses. For users who might be hesitant about sharing bank alerts, the article suggests an alternative: iSaveMoney. This app also boasts excellent budgeting capabilities, including the creation of monthly budgets, calculation of income and expenses, and budget forecasting.

Similar to JumiaPay, PalmPay is another application that offers users cashback incentives on various purchases, particularly airtime. Users can receive up to 15% cashback on airtime purchases made through the app. The percentage of cashback received is often dependent on the frequency and total amount of purchases, meaning that more frequent and larger transactions can lead to greater savings. PalmPay offers a viable alternative for users seeking cashback opportunities and can be easily downloaded and set up for use.

These five software solutions—Honey, PricePally, JumiaPay, Reach, and PalmPay—offer practical and effective ways for consumers to reduce their costs and manage their finances more efficiently during times of economic constraint, ensuring a more financially prudent holiday season.