Be smart this festive season
Amanzimtoti SAPS would like to wish residents a safe festive season and have shared a few tips on how to be financially smart during this time of festivities with your friends and family.
With the festive season approaching, we cannot shy away from the fact that it might have financial implications, especially if all of these were never budgeted for in time. Fun does not have to empty your pocket and leave you miserable. The office of Amanzimtoti SAPS would like to wish residents a safe festive season and have shared a few tips on how to be financially smart during this time of festivities with your friends and family.
Budget: The first and most important step is to draw up a budget. This will enable you to know straight away what you are able to spend. Include a financial plan for the New Year to ensure a smooth start.
Avoid buying on credit: Avoid deals like ‘take it now and only start paying for it next year’. If it busts your budget, do not put it on your credit card to make it next year’s problem. If it happens that you do use your credit card, make money available to settle the balance as early as possible, to avoid unnecessary interest accumulating.
Turning off/pausing direct debits: Start reviewing your ongoing direct debits that you currently have. Check if there are any other services over the Christmas period that you will not be using.
Holiday with family and friends: If you plan to go away for a holiday, ensure that you pre-pay some expenses long in advance, as it is always cheaper. Be selective and limit going out.
Start early: Prices tend to skyrocket over the holidays. Therefore, start buying things you will need as early as possible. You can even take advantage of deals such as Black Fridays and Cyber Monday deals, as well as R100 deals specials. However, be careful with specials as some shops do not give true discounts, but merely inflate their usual prices and most importantly, do not become carried away and buy things you do not need, just because they are at a ‘special price’. Shopping online can also reduce the direct temptations of finding yourself going around the shopping malls and ending up buying things you never budgeted for. Shopping online is convenient, and can save you time and the irritation of having to deal with your children, who may keep on pestering you for every item they see on the shelves.
Keep track of your spending: A good way of keeping track of your spending instead of just mindlessly swiping your card, is to draw the cash that you can afford to spend once you have drawn up a budget, and once it is finished, so is your spending.
Keep things simple: Instead of buying presents for everyone in your family, consider the ‘Secret Santa’ method. Make a ruffle and each person buys and receives one gift. Take advantage of free entertainment this time of the year, such as night markets and carols by candlelight. Moreover, consider homemade gifts. They may come at a low cost. Creatively involve your children, and be innovative with this activity since it may give quality time to the family and children feel good and special to present gifts they have made themselves.
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