Tips for saving up for the festive season

Parboo urged consumers to consider planning ahead, to try and save money in advance and to become familiar with their existing financial budgets ahead of the holidays.

“The first place to look for extra cash is in your existing budget. We often waste a lot of money on impulse purchases and convenience buys such as fast food or that new gadget on the market,” she said.

“Another tip would be to open a separate savings account and transfer a set amount of money each month into this account.”

She elaborated on this, saying that being unable to access the money immediately would help ensure that consumers did not dip into their savings or buy on impulse.

Also worth considering, Parboo said, was the cost of a planned holiday as this would give an indication of how much needs to be saved in advance. She added that knowing how much to save increased the chances of reaching set goals, as well as being able to financially get through the holidays.

Parboo concluded by advising consumers to “save without spending and to sell unnecessary or unwanted items to decrease the financial burden”.

Other tips for saving for the holiday season included using the ‘old money jar’ to place coins and notes in, using your car responsibly to avoid added motor vehicle costs, using your cellphone sparingly and to be realistic about what you can and cannot afford to do.

Did you find these money-saving tips useful? Tell us how you are preparing for the holiday season on the Sandton Chronicle Facebook page