Spend wisely in the festive season

2017-12-20 06:01

MILLIONS of shoppers spend millions of rands, dollars, pounds, etc., succumbing to the marketing and sales gimmicks promoted throughout the world to “get a bargain on Black Friday”.

National Credit Regulator (NCR) advised consumers to avoid overspending and impulse buying, particularly­ during the festive season.

Mpho Ramapala, NCR Education and Communication manager shared some advice.

Prioritise necessities for the months ahead, like bond, rent, transport, schooling, health care, etc.

• If it is on sale and you buy it on credit, remember that interest and fees will push up the prize, therefore, cash is king for sale items.

• Set a realistic budget of what you can afford to spend at the beginning of your Christmas shopping, and stick to it.

• Don’t shop in a hurry without a plan and put everything on your credit or store card.

• Have a shopping list to avoid buying unnecessary items - if you don’t need it now, chances are you may never need it, so avoid wasting your time and hard-earned money.

• If you want to begin the new year in a financially sound position be aware of how you spend your money during this period and save for the new year.

• Do a budget for the festive season, which includes all debt, rent, electricity, water, insurance, transport, gifts, school uniforms, stationery, entertainment, etc.

• Don’t blow your bonus on treats - spend wisely and rather pay them off.

• Shop around for specials and compare prices.

Spend wisely during the festive season and enjoy a financially relaxed and peaceful new year.

Remember that if you choose to ignore your budget, break the bank or max out your credit cards for festive shopping you may be headed for a cash-strapped, bleak and stressful 2018.

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