How not to be broke this Christmas

Many people find themselves close to being bankrupt during the festive season due to over-spending.

After all, it is that time of the year where the fridge is usually stocked with cold meat, the cupboard is filled with sweets and you are deciding what gifts to get your loved ones.

“Most people struggle to contain their spending over the festive period and unfortunately, some also make vital financial mistakes which could have a long-term negative impact on their financial wellbeing,” said Ester Ochse, Channel Head at FNB Financial Advisory in a press statement.

Here are few financial mistakes to avoid this season:

1. Skip debit order payments. Try to avoid withdrawing every cent in your account as you are at the risk of having to make-double payments during the following month. This could also damage your credit profile.

2. Do not take up new debt to fund your entertainment needs. “Any debt you take should go towards financing a worthy cause such as renovating your home or supplementing non-negotiable costs such as school fees,” Ester said in a statement.

3. Avoid using money reserved for school fees. Resist the temptation to sacrifice school fees so that you have extra money for leisure.

4. Do not cash long-term investments. It will take months, if not years, to build a considerable investment portfolio.

What are your top saving tips for the festive season?

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