Do not let your finances dampen your holiday spirit

In today’s tough economic environment, we often find ourselves swamped with unnecessary or unexpected expenses which cause a hole in our wallets.

The holiday season is famous for entertainment, family outings and gatherings, short weekend getaways and festive season shopping sales.

To ensure that you do not miss out on these, short-term goals should be factored into your budget.

To achieve this, managing your finances should be a priority and an ongoing process throughout the year.

Also read: Keep a reign on your finances

“Spending time with our loved ones over the holiday season is exciting; but sometimes our financial circumstance puts a damper on the holiday spirit. However, this can be avoided if you manage your finances properly throughout the year,” said FNB’s product head of money management, Ester Ochse. 

“Ongoing financial reflection will help identify what has worked and what has not worked for you financially throughout the year.”

This enables you to find solutions that will help you better manage your finances, so that you do not end up in a situation where you cannot enjoy activities with your loved ones over the festive season.

Updating and reviewing your budget regularly with your daily and monthly expenses will give you an overview of your financial standing. A list of savings goals will help guide you to draw up your budget, Ochse explained.

If you are quite strained financially, look at rather hosting family get-togethers or bring-and-braais or movie nights at home, instead of going out. This will help you cut costs and you will also enjoy your family’s company in the comfort of your home. 

Managing your finances need not be a tedious activity. “The key is to ensure that you are financially stable and to continually review and stick to your budget. Deviating from your budget will just cause more harm, which will result in unduly expenses for yourself and your family,” Ochse concluded. 

The National Credit Regulator (NCR) offers the following tips to spend your money wisely:

• Plan and draw up a list of your needs

• Set a realistic budget for what is on the list

• Prioritise your home loan, rent and school fees. Where possible, pay more

• Buy school uniforms and stationery now when you have money

• Start saving for next year’s projects, such as holidays, renovations, studying, retail sales/specials, and do not rely on credit for this

• If you are battling with your debts, contact a registered debt counsellor for assistance.

Also read: Small businesses can unlock finance through a better credit score

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