Its’ December payday!
But keep in mind that January is around the corner and saving the little you have might help you have an easier Janu-worry than most people.
“Most South Africans will receive their paycheques and bonuses a bit early in December,” says Dhashni Naidoo, a consumer education expert. “During this time, it is crucial to draw up a spending plan to manage your money for the festive season in line with your current income and expenses. You must also bear in mind that your salary should last you until the end of January 2020.”
Naidoo admits that a lot of people make the mistake of overspending in December, especially on things they wouldn’t normally spend on during the year. Although spoiling yourself and your loved ones during the holidays is expected, it should always be budgeted for and not be a spur of the moment thing.
So, to help you budget better and hopefully help you save money, we asked Naidoo for a few helpful tips.
People who are fortunate enough to receive thirteenth cheques should consider reviewing their debt and use some of the bonus money to pay off debt and January debit orders. This will go a long way in Januworry and will also help improve your financial standing.
Review your budget
If it is your turn to host family and friends this festive season, it is important you review your monthly spending budget to accommodate them. Avoid the temptation of overspending and spend within your means. Don’t be scared to ask for assistance if you’re unable to afford certain things, after all, the festive season is a time for sharing.
Stick to your planned budget
It is easy to get carried away and overspend in this silly season, avoid the temptation by using different financial tools to track your spending patterns.
Don’t do fest with debt
It is all good and well to relax and enjoy the festive season with your loved ones, but you shouldn’t use debt to host expensive gatherings.
Buy in bulk
Plan ahead. Work out what you’ll need and do research on how much you’ll spend. You can also look for reduced prices or sales before you buy anything. However, don’t tap into your emergency savings for the festive season.
For most of us, this is where stokvels really come in handy!
“The festive season comes every single year, and once you realise that having fun doesn’t necessarily mean spending money you don’t have, you’ll have a much better 2020 financially. Start planning now for next year,” Naidoo concludes.