A clear financial plan is essential for protecting your pocket over the holidays, says Gugu Sidaki, director and wealth manager at Wealth Creed.
With only days left till Christmas you may be scrambling to get your last-minute shopping done and plan for special days like Reconciliation Day and New Year.
“It’s exceptionally important. The festive season is generally a time of celebration for most people so naturally the temptation to overspend is heightened. That’s why you need to plan for this time well in advance so you’re not in financial distress in the subsequent weeks and months,” Sidaki says.
Make a shopping list and look out for online sales to curb unconscious spending accompanied with walking around the mall.Nkazi Sokhulu, co-founder and CEO at Yalu Financial Services, cautions against taking out credit when you struggle to curb your spending on your usual income. “If you must take on credit, avoid credit with high interest and shorter repayment periods such as cash advances and pay-day loans. Speak to your bank about other options that may be available to you,” Sokhulu advises.
“Make a shopping list, look out for online sales to curb unconscious spending accompanied with walking around the mall and get creative with your staycation entertainment like spending time cooking meals at home with friends and family,” Oschse suggests.
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