From Business Report March 12, 2008 By SLINDILE KHANYILE Durban – Some consumers misunderstood the purpose of debt counselling, perceiving it to be the means to escape their repayment obligations, South Africa’s four major banks and the national credit regulator (NCR) said yesterday. Three of the banks – Standard, First National and Nedbank – have […]
29 November 2016
Be realistic – writing down a groceries list is the same way you would write down a budget. It might be a good idea to set your budget tight for festive spending as a way to curb over-spending. It would be necessary to shop around for better deals targeting discounted festive prices. While sticking to a budget, it is important to not get carried away when doing your shopping. Shopping lists come in handy and should be a guideline of what you need. Be careful – shops will be well decorated to induce impulse buying.
Do not get too excited
Generally people are paid earlier in December and for some bonuses are paid as well. Most people assume that they have quite a lot more to spend than normal, which in some instances is true, but for most this can be dangerous. A budget that controls your festive season spending and post festive season expenses can be your best friend. Another thing to take into account is obeying traffic laws and hence avoiding traffic fines during the festive as this brings about unplanned and unnecessary expenses. The festive period is a time to relax and reflect on the year as you plan and set New Year’s resolutions.
Tips on doing festive season differently
- Budget and do not over-spend
- Avoid new credit and using credit that you cannot afford
- Avoid traffic fines
- Start planning for the New Year
- Start saving more
- Take advantage of festive discounts (smart shopping)
- Purchase back-to-school items before the New Year
- Plan holiday getaways in large groups to get discounts
It is always easy to get into more debt during the festive season thinking you will recover in the New Year. Make smart financial decisions this festive season that won’t leave you in debt in the new season.