20 November 2019: The festive season is around the corner and many people will be taking a well-deserved break to relax and reflect on the year that was with family and friends.During this time there are also a lot of added expenses as we want to reward ourselves at the end of a long and tiring year.
Dhashni Naidoo, Programme Manager for FNB Consumer Education says, “Most South Africans will receive their pay cheques and bonuses a bit early in December. 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 shares five money management tips to consider for your financial health status during this festive season;
Bonus money: People who will be 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 your extended family and friends at your house this coming festive season, it is important that 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 are unable to afford certain things, after all the festive season is 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. However, you should not use debt to host expensive gatherings.
Buy in bulk:Plan ahead on what you will need and do research on how much you will 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.
“The festive season comes every single year, and once you realize that having fun doesn’t necessarily mean spending money you don’t have. You will have a much better 2020 financially and start planning now for next year,” concludes Naidoo.
INFO SUPPLIED BY FNB.