The credit information amnesty implemented on 1 April 2014, has left many South African consumers confused about what the credit amnesty means for them.
1 September 2015
December is arriving and as the jingle bells rock and the good times start to roll, it’s vital that you keep a watchful eye on your budget. It’s easy to get caught up in the huge ‘sale’ signs and the flashing lights, so we’ve put together some tips to help you keep your festive season finances right on track whilst under debt counselling.
Ditch the plastic when you hit the shops
It’s easy to get caught up in the frenzy of festive season, so when you head out to the shops leave the cards at home. Simply take enough cash to buy what you need.
Don’t fall for the sale signs
Getting caught up in the sale frenzy is easy, but tread carefully. Often the ‘sale’ isn’t actually a sale. Before you load up the trolley, take a step a back and write the down the prices of all the items you want to buy. Then, head home and do a couple of searches online to see whether what you are buying is actually a ‘sale’ and at a ‘bargain’ price.
Don’t bank on your bonus, simply bank your bonus
Instead of doing your Christmas lunch, gift and the rest of your festive season budget around you bonus, forget about your bonus and budget as if you weren’t getting one in the first place. If this means cutting the budget on gifts or other luxuries, do so. When you get your bonus, immediately transfer it into a 32-day notice account – this will prevent you from dipping into the extra cash for things you don’t really need.
Tone down tradition
Do you really need to cook four different types of meat along with vegetables, salads, potatoes and three different kinds of desserts? Tradition can be done on a budget. If you absolutely have to cook four different kinds of meats – buy smaller cuts. Alternatively, break tradition and do something a little bit different. What about a Christmas braai with simple salad sides and a fruit cocktail or just icecream for dessert?
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