The festive season can be daunting when you think of all the additional expenses to add on top of your monthly budget.<\/p>\n
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.<\/p>
Anton Hay, director at Ecsponent Financial Services, advised 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 over December 2016 and January 2017.<\/p>\n
\u201cIt is very difficult to pay for festive season activities with December\u2019s pay cheque alone.<\/p>
\u201cSo while you may not have saved up as much as you would have liked to for this year, keep this in mind as a potential New Year\u2019s resolution for January 1, 2017,\u201d Hay said.<\/p>\n
For now, however, Hay shares his top budget dos and don\u2019ts for the silly season and the back-to-school rush which is just around the corner.<\/p>\n
1. Don\u2019t: Reach for your credit card:<\/p>\n
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.<\/p>\n
If you do not have enough cash to buy a specific gift or treat, look for cheaper alternatives or try your hand at making those treats, such as cakes, biscuits and dinners, yourself.<\/p>\n
2. Do: Make plans that fit your budget:<\/p>\n
Instead of inviting all your friends and family around for a fully catered meal that is likely to cost you in the hundreds, if not thousands of Rands, make plans where the cost is spread more evenly, such as picnics or a traditional South African \u201cbring-and-braai\u201d.<\/p>\n
3. Don\u2019t: Go on an untracked, no-limits spending spree when the sales hit:<\/p>\n
Many of us struggle when it comes to resisting a \u201cgood deal\u201d.<\/p>\n
For this reason, stay away from shopping malls and online shopping websites when January sales go live.<\/p>\n
While you may save 50 per cent on a pair of shoes you don\u2019t need, you\u2019ll save 100 per cent if you just walk away.<\/p>\n
Spending recklessly when trying to stick to a budget can really set you back on reaching your financial goals.<\/p>\n
4. Do: Focus on getting school fees paid:<\/p>\n
Out of all back-to-school expenses, Hay highlighted that this is the one that needs the most planning and should be a priority long before new calendars are unwrapped.<\/p>\n
5. Do: Involve your children:<\/p>\n
No matter how young your children are, back-to-school season presents a great opportunity to teach them about money.<\/p>\n
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.<\/p>\n
6. Don\u2019t: Forget to start your new year right:<\/p>\n
From packing lunches at home to having fun nights in, Hay noted that little changes can go a long way in making provision for staying on budget and saving for well-deserved treats and special occasions.<\/p>\n
\u201cBudgeting and saving money is never easy but there are professionals who are able to help you get on track,\u201d Hay said.<\/p>\n