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


Recommended

by NEWSROOM AI
Read More
4 tips for safely investing right now when everything is so hectic

4 tips for safely investing right now when everything is so hectic

Bruce Whitfield asks Personal Financial Advisor Warren Ingram for advice on how investors can safely navigate this hectic time.

3 best shares to buy right now (by 27Four)

3 best shares to buy right now (by 27Four)

Investment Analyst Nadir Thokan shares his stock picks of the week on Bruce Whitfield’s The Money Show.

How to retire (or stop working for money) by the age of 40

How to retire (or stop working for money) by the age of 40

Warren Ingram recaps the principles “supersaver” Julia, a young client of his well on her way to financial freedom, is following.

3 hottest shares on the JSE this week (by JM Busha Investment)

3 hottest shares on the JSE this week (by JM Busha Investment)

It’s “Stock Pick Monday” on The Money Show. Bruce Whitfield interviews Joseph Busha, Managing Director at JM Busha Investment.

5 dumbest things people in their 20s do with money

5 dumbest things people in their 20s do with money

Sam Beckbessinger, the author of “Manage Your Money like a F*cking Grownup,” has some tips, so you don’t have to live with regret.

Supersaver Julia is back! Is her (already substantial) nest egg still growing?

Supersaver Julia is back! Is her (already substantial) nest egg still growing?

The Money Show’s Bruce Whitfield interviews Julia and her financial advisor Warren Ingram.

Popular articles
Vigilante mob attacks alleged criminals in Daveyton

Vigilante mob attacks alleged criminals in Daveyton

Tensions are rife in the East Joburg township as the community attacked and killed criminals.

[WATCH] Dad uses a drone to pull out son's tooth

[WATCH] Dad uses a drone to pull out son's tooth

Khabazela shares YouTube videos gone viral including a barmaid hitting a colleague who slapped her rear during a routine.

'There is no way Magnus Malan could've done the things he is accused of'

'There is no way Magnus Malan could've done the things he is accused of'

Former police minister Adriaan Vlok has rejected accusations that former minister Malan was at the centre of a paedophile ring.

[Listen] Lottery responds to Tshepo's fraud claims

[Listen] Lottery responds to Tshepo's fraud claims

Philemon Letwaba says Tshepo's case relates to some of the issues that they are dealing with on a daily basis.

[WATCH] Kid goes from 'be a fart machine at work' to 'I love you dad'

[WATCH] Kid goes from 'be a fart machine at work' to 'I love you dad'

Khabazela shares tweets & videos that have gone viral including a parrot that told firefighters the F-word during its rescue.

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

[WATCH] Is it a cow's penis or an udder? Well, this kid thinks it's a penis

Check out the videos, tweets, Facebook posts that have gone viral and why this kid cheered her dad on in the toilet.