Analysis: SAKUBITA KALEMBWE
MAJORITY of us are passionate about football and we often spend a lot of time and money making sure we are up-to-date with the latest trends in the world of football.We experience sentimental euphoria after every win for the teams we support.
Furthermore, we all like to be associated with successful organisations, clubs, nations and people. That is normal. It makes us happy and it’s good to be happy. In fact, those in the world of medicine tell us that happiness boosts your immune system.
However, you need to guard against risky spending during crowd-pulling events such as the World Cup. When we have a major world event that brings people together, it makes reckless spending that much easier during a major world event such as this. It is not hard to imagine overspending in the intensity of exciting and sometimes disappointing moments. Money psychologists call this type of spending emotional spending.
Emotional spending occurs when you spend money for the sole purpose of improving your mood. Some reasons people engage in emotional spending include: improving or maintaining a cheerful mood, coping with stress, dealing with loneliness, and improving self-esteem. If care is not taken, emotional spending can lead to financial ruin. It is wise to limit the kind of unplanned expenditure that many are prone to during such events as the World Cup.
On the opposite end of the spectrum, financial smartness means avoiding being excessively emotional or nostalgic, especially in a superficial or self-indulgent way. It requires finding ways to curb the euphoria and not getting carried away in the moment.
However, in saying so, I am not in any way implying that you cannot add fun to the experiences of the season. The most important thing is to have a financial plan. The World Cup is not an emergency occurrence. It comes every four years and is well advertised long before it takes place. Therefore, we can include it in our financial planning if we are passionate about being there and making the experience memorable. Fortunately for us, there are practical steps you can take, starting today, to save money for a major event such as the World Cup.
Recently, Business Insider – South Africa published an encouraging story of three best friends from Johannesburg who took roughly five years to save more than R60,000 (K48,000) to attend the ongoing FIFA World Cup 2018 in Russia and fulfil their lifelong dream. Fhatuwani Mpfuni, Thami Khuzwayo, and Brian Moshoeshoe landed in Saint Petersburg on Thursday June 14, 2018 where they stayed to watch two World Cup matches before heading for another two in Moscow.
“It’s a dream come true; I cannot believe my eyes,” Mpfuni told Business Insider South Africa from Saint Petersburg.
“We were really sceptical about Russia, but we have gotten a good reception from the locals and we are loving the whole World Cup vibe.”
If you read the amazing story of the three best friends further, you will learn that they started booking for accommodation, air tickets and other logistics long before the rates were dictated by increased demand to attend the World Cup. Simply applying the laws of demand and supply with a smart and diligent savings programme ensured that they could take advantage of paying fair or reduced prices for their once-in-a-lifetime experience.
We wish all those attending the quarterfinals, semi-finals and finals in Russia, safe travels.
To those that could not make it to the 2018 tournament, take a leaf out of Fathuwani, Thami and Brian’s book and start saving for the 2022 Qatar World Cup today.
Be financially smart! Work out your total goal, plan your monthly contributions and stick to your commitment. It will pay off. Proshchay! (it means ‘goodbye’ in Russian).
The author is FNB Zambia consumer educator.
Analysis: SAKUBITA KALEMBWE