How to ‘jingle’ your Christmas budget and make the most of every cent
Decorations are up, festive season ‘specials’ are mostly everywhere, but the big financial question is if your Christmas will jingle all the way or will you end up in a financial crisis.
MOKOPANE -According to statistics from DebtSafe’s recent (October 2017) Debt Cycle survey, 60% of the 1000+ respondents indicated that they have debt. Their main debt consists of personal loans (60%), credit cards (40%) and clothing accounts (60%). Fifty percent of the survey’s participants (that have debt) are in arrears. And, the majority is behind with more than three months’ debt payments.
“The figures are already shocking as it is and that is why consumers should be warned to not make more debt during the merry season as they will pay more in the long run for it,” says Matthys Potgieter, Spokesperson and debt expert at DebtSafe in a media statement.
Potgieter furthermore highlights that many consumers unfortunately do not make the necessary financial preparations for this special time beforehand, and therefore, end up recklessly making use of more credit.
Potgieter says there are still five things that you can take into account to make sure your Christmas day budget will work for you:
• Planning and budgeting: Although time is limited you have to draw a budget and plan accordingly.If you have allocated R3000 (for example) specifically for Christmas Day, divide this amount into various cost categories such as food, presents, travel costs and activities. Include the necessary detail to sketch the bigger financial picture of Christmas Day for yourself. This will give a clear understanding and indication of what your expenditure lid is.
• Food: Remember, a great Christmas meal isn’t necessarily an expensive one.
What non-perishable products do you have in the cupboard? Perhaps the meat at the market or on discount at the grocery store is indeed a sale – so make use of it (if it suits your budget of course).
If you are playing host for Christmas day, why not let your guests or family members join in the gift of giving (by bringing their own drinks and a salad or pudding). It might get exciting to see what dishes everybody prepared for the festivity.
• Christmas presents and decorations: Christmas day is not about showing off or spending money you have not budgeted for.
What about a DIY Christmas this year? A personalised present or letting the kids bring their own creative juices to table, home, garden or tree decorations are special indeed and by using things you already have available in your home makes your Christmas Day cost effective.
• If you have to travel on Christmas day, take the take the following into account: If your friends or family are also driving to the same destination, carpool in two cars instead of three, for example.
Avoid toll routes where possible and take alternative roads instead.
Get the best fuel consumption by maintaining a constant speed from your home to your destination and if you get stuck in heavy traffic you can turn off your car’s engine to save some fuel.
• Activities: What about getting all the family members to join in the fun by playing games like some old-fashioned ‘boeresport’ or lawn bowls – using items and equipment that you already have available?
There are many activities (including indoor activities) that you can do.
lionel@nmgroup.co.za
