From Detty December to January Reset

Obinna Chima

In the next few days, 2025 will fade away, and we shall bid this year’s Detty December goodbye. December, the last month of the year, is loud, fast, and carefree. Detty December, is packed with concerts, festivals, and associated parties, allowing for spending and living in the moment.

A major part of the extravaganza is the return of the diaspora, who come home to reconnect and celebrate the festive season. Their influx injects money into the economy, boosting sectors like hospitality, entertainment, and retail. The period that typically runs from December 6 to 31 records a high volume of financial transactions, often leading to a spike in January inflation.

Today in Nigeria, the federal government is contemplating establishing a Presidential Task Force on Detty December to coordinate inter-agency efforts and enhance Nigeria’s global image as a festive destination.‎

But when the Detty December music fades, January arrives with a quiet reset, forcing us to reckon with our choices, refocus our priorities, and start again with intention. From January, many people wake up to the hard truth that bills, rent, and school fees are due, yet their wallets are empty after all the excitement of the holiday season, from Christmas celebrations to New Year’s parties.

January is often called the longest month, even though it has 31 days; just like some other months, it seems to stretch forever because of the previous month’s expenses, financial burden, and, in some instances, there is pressure on consumers to borrow

That is why we need to plan and prepare for future events that can hurt their finances.

Making resolutions is a fantastic way to start the new year. At the beginning of every year, we all outline the goals and aspirations we want to achieve. 2026 is not going to be different. From planning to save more money and committing to other financial goals, to eating healthier, improving our spirituality, exercising more, and losing weight, many of us set targets for the things we want to achieve.

Financial literacy is a core life skill for participating in modern society. Being financially literate gives you the ability to make wise financial decisions based on your income and helps in prioritising the way you spend your money. It also helps you prevent needless debt and wasteful spending by creating a budget.

Also, one of the most important skills to have in a financially-driven market is the ability to save for rainy days. A person who is financially educated understands that they should not spend all their income as they get it. A certain amount must be set aside for future use, no matter how small. You can divide your savings into emergency cash and long-term objectives. If you experience financial difficulties, having emergency money will prevent you from depleting your long-term savings or accruing debt.

Financial literacy provides information about which economic areas are profitable to invest in. In other words, it assists you in choosing the best investments. It aids in economic forecasting and future projections, which can help you make informed financial choices. You would be better off investing your money in a business or other investment alternatives that will provide dividends over time rather than keeping it sitting idle in your bank.

Surveys conducted by the Organisation for Economic Cooperation and Development (OECD) have shown that young adults have among the lowest levels of financial literacy. This is reflected by their general inability to choose the right financial products and often a lack of interest in undertaking sound financial planning.

That is why from an early age, children need to develop the skills to manage any discretionary funds they may have, whether from allowances or part-time jobs. In other words, financial literacy empowers you to make informed judgements and to take effective actions regarding the current and future use of and management of money.

Relatedly, the Consumer Federation of America found a strong relationship between having spending and saving plans and maintaining emergency funds. Particularly for low-income individuals, those with a spending plan with goals were far more likely to have saved money for emergencies than were those without a plan. It is well established by research that people who feel a sense of control over life events are often happier, cope better, and are more resilient in times of stress than others.

People are especially unhappy in situations where they perceive themselves to have a lack of control. That is why encouraging people to develop and implement a personal savings plan is essential for wealth creation. Having a store of rainy-day money can increase a low-income family’s resilience and enable them to cope better with unexpected shocks.

In addition, storing up assets can increase opportunities. For example, it provides the funds for families to support children when they go to university or to pay for training. Owning stocks can help you build your savings, protect your money from inflation and taxes, and maximise income from your investments. But it is important to know that there are risks when investing in stocks. Also, treasury bills, commercial paper and other short-term instruments offer investors opportunities to manage cash flow, diversify portfolios, and potentially earn steady returns.

By learning from our past mistakes and adopting a more realistic and sustainable approach, we can finally break the cycle and achieve our financial dreams. Keep in mind that accumulating wealth is a journey rather than a race. Continue to be consistent, maintain your focus, and acknowledge your accomplishments as you go.

In the end, as we set to usher in the new year, January gives us the quiet clarity to rethink our choices, rebuild our rhythms, and realign our priorities. If we carry that discipline through the year, the fun will feel richer, the goals more attainable, and the journey far more meaningful.