The fun and merriment of the festive season is for many a precursor for #Januworry.
This according to First National Bank which advises to avoid the worries through smart #festiveseason spending. In a statement, the bank’s programme manager for Consumer Education Dhashni Naidoo said, “As many people take the well-deserved break to relax and reflect on the year that was, with family and friends, they will incur a lot of added expenses when rewarding themselves after a long and tiring year.”
He said most of them would have received pay cheques and bonuses a bit early in December. “At that time, it was crucial to draw up a spending plan to manage your money for the festive season in line with your current income and expenses. This bearing in mind that the salary should last until the end of January 2020.”
Naidoo shared the following money management tips for one’s financial health:
- Stick to a planned budget to avoid being carried away, overspending and use various tools to track spending patterns
- Consider using bonus money to pay off debt and January debit orders
- Review your budget monthly and think of hosting your extended family and friends to avoid temptation to overspend. Don’t be scared to ask for assistance if necessary in keeping with the spirit of sharing
- Don’t use debt to host expensive gatherings
- Plan ahead and buy what you need in bulk after researching on how much to spend. Look for reduced prices or sales before buying and don’t tap into your emergency savings for the festive season.
Naidoo advised people to learn from previous experiences and spending trends that festive fun doesn’t necessarily mean spending money they do not have.
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