MyMoney Online, The Personal Finance series with Warren Ingram

6 tips on how to avoid overspending this festive season

So many South Africans will spend way too much money they don’t really have this festive season.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram.

Ingram spoke about some ways to avoid overspending this festive season.

Budget

The first, and most important step – draw up a budget.

This ensures you know straight away what you are able to spend.

Bear in mind that your general expenses over the holiday season are likely to increase.

Times are tough and maybe you didn’t get the bonus you expected - be realistic.

Also ensure your spouse is on the same page.

Don’t buy on credit

If it busts your budget; don’t be put it on your credit card and make it next year’s problem.

Holidays with family and friends

Some people, unfortunately, tend to take advantage and often don’t contribute towards grocery bills and other joint expenses.

Don’t be afraid to speak up about sharing food and other costs.

Start early

Prices tend to skyrocket over the holidays.

If you find things you like; buy them earlier.

You could even take advantage of Black Friday and Cyber Monday deals.

However, be careful with specials, as some shops don’t give true discounts, but merely inflate their “normal” prices.

Keep track of your spending

A good way to keep track of what you spend – instead of just mindlessly swiping your card - is to, once you have your budget, draw the cash that you can afford to spend.

Once this is finished; so is your spending.

Keep things simple

Instead of buying presents for everyone in your family, consider the “Secret Santa” method.

Names are drawn out of a hat and each person buys and receives one gift.

Also, keep in mind that there is a lot of free entertainment this time of the year such as night markets, carols by candlelight, etc.

For more detail; listen to the interview in the audio below.

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