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Be money-savvy these April holidays

Ideas to help you spend wisely during the holiday break.

The long weekends coming up offer a great chance to take a break, recharge the batteries, have fun and spend time with loved ones.

While holidays can be associated with over-spending, that doesn’t have to be the case, said Alfred Ramosedi, African Bank’s Group Executive: Sales and Marketing.

“Avoiding over-spending during the holiday season may not be easy. It certainly requires extra time and effort but there are ways to be money-savvy that won’t leave you with unacceptable debt for the balance of the year.”

He offered the following ideas to help you spend wisely during the holiday break:

• Set a holiday budget – Decide exactly how much you can spend during the holidays and make sure everyone in the family buys into this.

• Eat at home – Even if you are going away these holidays, try self-catering rather than spending too much time at costly restaurants and bars.

• Use cash whenever possible – Only use a credit-card if you know you can pay it off right away.

• Cash in rewards points – You’ll be surprised how many groceries and gifts can be bought!

• Allow time for comparison shopping and take advantage of change of season specials and sales. Shop around to get the best selection and price.

• If you are giving Easter gifts, consider homemade gifts this year. Bake cookies, paint eggs, put together a photo album, frame a family photograph or make a themed gift basket full of smaller items

• If you are staying at home and need to earn some cash, how about giving the gift of time? Create a coupon offering your services – cleaning, babysitting, walking the dog, cooking a dinner or completing household projects.

• Rethink entertainment – Many people forget about the cost of holiday entertaining. Even providing snacks for neighbours or friends who drop by or cooking the holiday meal can be expensive. Instead of providing all the snacks, have a potluck evening where everyone brings an item to eat or drink. For the holiday meal, ask family members to each contribute a dish.

“If you’ve started the year being disciplined with your credit-card spending, there is no harm in using it during the holidays; however, before you start spending, ensure that you have determined exactly how much you can afford to repay based on the amount that you intend to spend. The bonus of spending on your credit-card is that you may be able to earn points if your card is linked to a rewards or loyalty programme.”

Ramosedi cautioned against taking out a personal loan for gifts or unrealistic holiday plans.

“The general rule of thumb is that you should avoid using debt on which you have to pay interest to buy consumables. This makes everyday items far more expensive.

“Let’s all enjoy a responsible holiday time by remembering that having fun doesn’t need to mean spending money we don’t have,” he concluded.

Do you perhaps have more information pertaining to this story? Email us at randfonteinherald@caxton.co.za  (please remember to include your contact details in the email) or phone us on 011 693 3671.

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