As the festive season approaches, many people will be receiving 13th cheques or bonuses from their employers.
Financial planner Paul Roelofse shares his advice on how to best spend your 13th cheque and how to budget wisely over the holiday period.
Put some of it aside
It's important to save a portion of the money first and then decide on what the rest will be spent on, Roelofse explains.
It starts off with an attitude. Wealthy people don't look for ways to spend, they look for ways to make wealth out of money.— Paul Roelofse, Certified financial planner
Save first and then spend the rest.— Paul Roelofse, Certified financial planner
Cut down your debts
Roelofse suggests that reducing debts should be top of the priority list when spending the remainder of the money.
Look at your bond, look at your personal secured loans, and your overdrafts, credits cards. Allocate some of your 13th cheque towards it. It will give you peace of mind.— Paul Roelofse, Certified financial planner
Listen to the expert financial advice on Weekend Breakfast with Refiloe Mpakanyane: