Be Financially Smart with FNB

How you can #BeFinanciallySmart and save for those big days!

If you have not yet planned your finances for the festive season, you might want to start now!

In the weekly #BeFinanciallySmart feature with FNB, Azania Mosaka and Eunice Sibiya, Head of FNB's Consumer Education Program, discuss the importance for people to save for important annual events.

You can save money if you plan ahead. It is the planning we are lacking in

Eunice Sibiya, Head of FNB’s Consumer Education Program

It is nine weeks until Christmas. School holidays are to begin even sooner.

Sibiya says that without adequate planning, people's excitement about the festive season can leave them in financially challenging situations.

We close the year with a very broad smile. We do big things. That excitement comes with danger

Eunice Sibiya, Head of FNB’s Consumer Education Program

Sibiya says that during December, there is a 20% increase in credit card spending.

There is also a 51% increase in spending on toys, clothing, electronics and jewellery.

Sibiya says that this pattern shows that there is a need for people to plan for the future.

Smart money management skills include planning ahead. If you know what is going to be happening ahead, whether short, medium to long-term, set money aside

Eunice Sibiya, Head of FNB’s Consumer Education Program

Sibiya suggests the following to help you manage your finances during important annual events:

  • Arrange your events months before they happen
  • Plan with your family and friends, and share the expenses
  • Avoid reckless credit and short-term loans
  • Understand the difference between necessity and luxury
  • Be open with your family about your affordability

Listen to the full audio below:


Recommended

by THE NEWSROOM

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Learn the art of effective debt management

Learn the art of effective debt management

Debt is a vicious beast. If you don't tame this beast, it could mean the difference between financial destitution and financial freedom.

3 types of loans that can help you grow wealth

3 types of loans that can help you grow wealth

Loans are supposed to help you, not get you into trouble. FNB expert Eunice Sibiya sheds some light on loans that can be used for good.

Here's what you need to know before you take out a loan

Here's what you need to know before you take out a loan

Head of FNB’s Consumer Education Program Eunice Sibiya says that in SA, we have a combined consumer debt of R1.7 trillion.

Smart techniques to use when borrowing money

Smart techniques to use when borrowing money

FNB's Eunice Sibiya says SA Human rights Commission reports more than 50% of credit-active consumers have impaired credit records.

Smart transacting techniques for 2018 and beyond

Smart transacting techniques for 2018 and beyond

'Plan for December, plan for January and plan for your life. We can’t keep making the same mistakes every year.' - Eunice Sibiya

5 reasons why you need a financial adviser

5 reasons why you need a financial adviser

In order to achieve your financial goals, you need to have a solid plan in place with a professional to guide you along the way

Popular articles
I was not introduced to Ajay Gupta - Grootes

I was not introduced to Ajay Gupta - Grootes

Stephen Grootes says he believes former Eskom CEO Brian Dames when said he was not formally introduced to the Gupta family.

Minister Zwane confirms trips to Dubai and Switzerland

Minister Zwane confirms trips to Dubai and Switzerland

EWN parliamentary correspondent Gaye Davis says Mineral Resources Minister Mosebenzi Zwane received detailed and tough questions.

Vavi: I can't sleep at night for making Zuma the president

Vavi: I can't sleep at night for making Zuma the president

Zwelinzima Vavi says South Africa is paying dearly for choices they've made in being angry with Mbeki and not thinking logically.

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

Zweli Mkhize 'taken by surprise' with latest cabinet reshuffle

The ANC treasurer-general confirmed Mantashe’s comments that the President did not consult the ANC leadership on the reshuffle.

Zuma is paying it forward and stacking the deck in his favor - Brown

Zuma is paying it forward and stacking the deck in his favor - Brown

Political analyst Karima Brown says the latest Cabinet Reshuffle is a move to strengthen his hand at the December conference.

"Duduzane Zuma is the Gupta family's greatest asset"

"Duduzane Zuma is the Gupta family's greatest asset"

Sunday Times journo Thanduxolo Jika who broke the front page story about the Gupta family emails vouches for their authenticity.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

‘My worst fear is being 80 years old and poor’ – famed actor Dr. John Kani

‘My worst fear is being 80 years old and poor’ – famed actor Dr. John Kani

"My earliest memory of money is my father saying, ‘Why do you want to do this thing? How are you going to feed the family?'"

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...