These articles are general information and not financial, legal or tax advice. Rates, fees and rules change, so confirm current figures with the lender, the NCR or SARS before you act.
The festive season is when many households borrow more, and January’s bills then arrive just as school costs and a long wait for payday add pressure. A little planning now can prevent a hard start to the year.
Plan before you spend
- List your fixed costs for November to January: rent or bond, transport, food, school fees and debt repayments.
- Set a firm spending limit for gifts, travel and celebrations, and write it down.
- Put aside a small amount each week now, even R100, so you rely less on credit later.
Smart ways to cut costs
- Compare prices, and buy early during sales instead of on credit at the last minute.
- Agree on gift budgets with family or switch to a Secret Santa.
- Avoid taking a loan to pay for celebrations. It is expensive and you will still be repaying it long after.
If you must borrow
Borrow the smallest amount you need, from a registered lender, and check that the repayments fit your budget even after the January bills.
General information only, not financial advice.
Write your festive budget this week, before the spending starts.