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


Read More
3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

The Money Show’s Bruce Whitfield interviews Cannon Asset Managers Portfolio Manager Samantha Steyn.

6 tips on how to avoid overspending this festive season

6 tips on how to avoid overspending this festive season

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

3 shares you’ll do well to buy this week (by Cartesian Capital)

3 shares you’ll do well to buy this week (by Cartesian Capital)

It’s Stock Pick Monday on The Money Show. Bruce Whitfield interviews Cartesian Capital CEO Anthea Gardner.

3 shares that’ll grow you wealth, right now (First Avenue Investment Management)

3 shares that’ll grow you wealth, right now (First Avenue Investment Management)

The Money Show’s Bruce Whitfield interviews investment analyst Nadim Mohamed.

3 shares that should do very well, if you buy them now (by FNB Securities)

3 shares that should do very well, if you buy them now (by FNB Securities)

The Money Show’s Bruce Whitfield interviews FNB Securities Head of Research Chantal Marx.

Savings accounts with the best interest rates in South Africa

Savings accounts with the best interest rates in South Africa

Bruce Whitfield interviews Daniel Rubenstein, Co-Founder at MyTreasury – a tool that finds the best interest rate for you.

Popular articles
7 tips on how to keep your child safe in public

7 tips on how to keep your child safe in public

Social worker and Childline manager Faiza Khota shares practical advise on how to help protect children in public spaces.

Soon you may not be able to light up in public (indoors or out!)

Soon you may not be able to light up in public (indoors or out!)

The Dept of Health is looking to introduce draft legislation that includes a complete ban on all smoking in public areas.

'KZN nudist beach would be a draw card for international tourism'

'KZN nudist beach would be a draw card for international tourism'

Chairman of KZN Naturists Association Christo Bothma says having the section of the South Coast beach will boost the economy.

New drug known as 'flakka' hits Durban

New drug known as 'flakka' hits Durban

Sam Pillay, founder and director of Anti-Drug Forum SA says once the drug takes effect, the user appears possessed.

The President's Keepers: PDF version is tantamount to theft - Exclusive Books

The President's Keepers: PDF version is tantamount to theft - Exclusive Books

A PDF version of the book has been doing the rounds since Sars and the State Security Agency threatened legal action.

Falling out of love? Signs and stages of romantic disengagement

Falling out of love? Signs and stages of romantic disengagement

Can you love your partner, but no longer be in love with them? Dr Eve unravels stages of disaffection in romantic relationships.

Celibacy liberated me - Amanda Ndiki

Celibacy liberated me - Amanda Ndiki

Author Amanda Ndiki, celibate for 6 years describes her journey and how celibacy helped mend her sense of self.

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.