The festive season has its own unique expenses, and you need to be clever with how you spend your money amid economic turbulence.
Despite the mid-December signalling a time of recovery and relaxation, it can also be a period of financial stress for some South African families, says Lynn Bolin, head of communications at M&G Investments.
M&G Investments provides the following steps to avoid overspending during the school holidays and lighten your financial burden:A good approach to sticking to a budget is by planning activities that are more valuable in terms of memorable or emotional value than the cost of the outing. “Fill in the gaps with free, fun pursuits like camping in the backyard or going to the beach or the forest for a family day,” said M&G Investments.One step up from creating a holiday budget and calendar is to use the holiday time to broach the idea of investing. For example, you may wish to open a unit trust on behalf of your child as a present, one that is aimed at a big future holiday, such as a trip to the Kruger National Park, which usually requires booking at least one year in advance.
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