MyMoney Online

Only 3 pay days to go to get through the festive season

So let’s do something different this year.

Your mission is to get through to the end of January without going further into debt. A starting point is to plan for the festive season now while you have a chance.

With only three pay days to go before the end of the year time is running out to get a mini plan in place to cope with the financial demands of festive season.

Typically, many of us spend far too much over the period and then take most of the new year to repair the financial damage. Listen to Paul's chat with Sam Cowen here...

It follows that prevention is better than cure. So why not do something different this time around. Here are 3 areas which will help you through:

Create a mini budget

Calculate what you can afford to spend without going further into debt. The total of your expected income for the next three months less your normal living expenses for the period is the amount you can target for the festive season.

Set aside the savings from each pay day into your credit card or access bond so that the money is freely available when you need it.

Get creative on your spend

Spend on gifts that are meaningful rather than expensive. For example, a mall shopping voucher is very practical as you offer a wide variety of optionsfrom the various stores in the mall.

Furthermore, most stores go on sale after the 25th December, so your voucher will go a much longer way.

Keep January firmly in mind

Many of us are paid early in December which means that you will need to stretch yourself for a longer period until the January payday. You will need to make sure that you cover debit orders, and all the “must have” expenses for January.

You will be a hit if you manage to stay away from extra debt by the time you receive your January pay slip. Furthermore, you will start 2017 ahead of the curve.

Read more from Paul Roelofse at www.investforlife.co.za

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