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Financial Tips for the Festive Season

Are you going to be one of those having to avoid phone calls from call centre numbers to dodge one of the many creditors hunting you down after the festive season? Have you accumulated so much debt during the course of the year that you are not sure how you are going to cope after the festive season?


The festive season is a time for fun, joy and happiness. Sadly, it is also commonly the season where many of us fall even deeper into debt by making basic financial mistakes. Ignoring the problem is not a solution and will not make your debt suddenly disappear!


Below are some festive season financial tips that you can use throughout the year to ensure that you aren’t adding to your debt.


  • Prioritise expenses – Bills need to be paid whether you celebrate the festive season or not. Avoid spending all of your money on unnecessary items prior to paying your essential bills such as your bond or rent, school fees, debit orders, investments and other essentials. Put away the money you need as soon as you receive it; or better yet, pay the necessary bills as soon as you can. This way you will be able to identify how much ‘festive’ spending money you have with the comfort of knowing that your day-to-day items have been paid.
  • Avoid credit cards or store cards – Have you been tempted to increase your purchasing limit during the festive season? Keep in mind that the money you are spending is credit and does not belong to you and you have to pay it back. Do you want to start the new year drowning in debt? 
  • Save towards your festive season expenses – Have you ever thought about putting money away each month, starting in January, towards the next festive season or hight cost item? If you put aside say R500 a month from January to November, you will have R6 000 to spoil yourself and your family. If you put this money into savings, you will add interest to the amount saved too.
  • Stick to your budget – Prepare a realistic budget and stick to it. A good idea is to keep your receipts and track your spending habits to monitor that you remain within your budget. If you realise that you have been a bit on the generous side of spending, then identify your necessities for the remainder of the month and only purchase items that you have listed as basic needs. 
  • Maximise the bonus – You are accustomed to living on your monthly salary and when some months are tougher than others, you somehow make ends meet. When December comes and you are rewarded with a bonus, be clever – don’t waste it but rather stick to your planned budget and invest your bonus or use it to pay off debt.

You work hard and you deserve to treat yourself but this can be done in a sensible manner and even in a way that will allow you to start a new year without any financial stress. By being sensible about your spending and following the above-mentioned tips, financial mistakes can be avoided and you can enjoy any holiday season without it ending on a low.


The advice contained above is for general purposes and does not take into account individual circumstances, objectives or financial needs. Readers are advised to contact us directly to seek advice. We are licensed professionals and can help you with all your financial needs.

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