7 tips to make your money stretch further this December
Work out a budget and make a list of the items you need purchase, says the chief marketing officer for African Bank.
JANUARY is acknowledged as a tough month for many South Africans. This rings true if the festive season was a little more financially jolly than it should have been, according to Sbusiso Kumalo.
Kumalo, the chief marketing officer for African Bank, has warned consumers that the months following December will continue to be tough.
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“The depressed economy continues affecting jobs and the economy in general. The last two years have taught us so much about the value of saving for an emergency,” explained Kumalo.
He advised consumers to heed this, and other money lessons, into 2022 and beyond.
“Good financial planning and money management have no curfew or expiry date; these are the foundation of providing for your family, realising your dreams and being able to have a financially secure retirement,” he said.
7 tips to make your money stretch further this December:
- Work out a budget for gifts, holidays, meals and entertaining, and stick to it. Remember to factor in your regular expenses (rent, policies, bond repayments) when planning this budget.
- Write a list of everyone you want to buy presents for, and then write ideas of what to get them. Don’t be tempted to buy extras – stick to the list.
- Do research. Shop around and compare prices.
- Buy small and significant, rather than large and lavish.
- Consider debt consolidation if you are struggling to manage your debt.
- Try and avoid spending money that you don’t have.
- Don’t blow your entire bonus. Consider investing it.
“Whatever your plan is for festive season expenses, the key is sticking to the plan. Don’t be tempted to dip into your savings. It’s important to be money savvy so you can start the new year debt and worry free,” concluded Kumalo.
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