HESSEQUA NEWS - The festive season can be daunting when you think of all the additional expenses to add on top of your monthly budget.
With gifts to buy and family gatherings to cater for, it is easy to get yourself caught in a tangle of debt and empty grocery cupboards come January 2017.
Anton Hay (Director: Ecsponent Financial Services) advises that while it is best to plan ahead for expenses such as holidays, special events and gift shopping, there are a few last minute budgeting tips that can help ease the financial strain.
For now, however, Hay shares his top budget do's and don’ts for the silly season and the back-to-school rush which is just around the corner.
• Don't reach for your credit card. Tempting as it may be, borrowing money to pay for gifts and festive goodies comes with a hefty price tag of its own when considering the interest and fees applied. If you do not have enough cash to buy a gift or treat, look for cheaper alternatives or try your hand at making those treats yourself.
• Don't go on a untracked, no-limits spending spree when the sales hit. Many of us struggle when it comes to resisting a ‘good deal’. For this reason it's better to stay away from shopping malls.
• Don't forget to start your new year right. From packing lunches at home to having fun nights in, little changes can go a long way in making provision for staying on budget and saving for well-deserved treats and special occasions.
Do...
• Do make plans that fit your budget. Instead of inviting all your friends and family around for a fully catered meal, make plans where the cost is spread more evenly like picnics or a traditional South African 'bring-and-braai'.• Do focus on getting school fees paid. Out of all back-to-school expenses, this is the one that needs the most planning and should be a priority long before new calendars are unwrapped.
• Do involve your children. No matter how young they are, back-to-school season presents a great opportunity to teach them about money. Whether it is a Google competition to find stationery at the best price or getting creative to make old rulers and pencil-bags trendy again, lessons in the value of money will get children thinking.
'We bring you the latest Hessequa news'
