There is a sense of anticipation in the South African air. Warmer, balmier nights, enjoying a few well-deserved beers now that its year-end. With December partying comes the looming burden of Januworry. Kevin Chetty, Executive Director at Xtenda Housing Finance has got a few tips to help you enjoy your money this December while having enough money to go round during the month that never ends.
Keep your finances intact with these 5 spending and saving tips:
1. Planning is key. Your starting point would be to create a simple budget. List the items that are non-negotiable such as debit orders, rental payments and groceries for the month. With the money left over, decide how much you’re going to need for January and make sure you put this amount of money away safely to use when that dreaded month makes its entry or, put away for a rainy day should you ever need it. Now you’re free to decide how much you’re able to spend on others.
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2. Saving tips. If you haven’t saved a cent all year the good news is it’s never too late to start. If you lack discipline in this area, don’t beat yourself up for it. Make allowance for your weakness – maybe open an account at a bank that has fewer ATMs and offers you the opportunity to put money into the account though, makes it unable for you to tap into the funds. You could also look at getting a ‘fixed savings account’ – where you’ll earn interest from your first deposit without being able to access any of the funds until your saving has reached maturity. Make sure you set aside some of your bonus money to store away for a rainy day.
3. Shopping for presents. Make sure you look out for discounted deals when Christmas shopping. You don’t have to blow tons of cash on an item if it requires you to pay less for the same thing. A tip for next year would be to start shopping as early as you can (probably even start at the end of February), you can buy someone a gift at the end of every month and rest easy when December rolls around next time. Also, you get to enjoy more of your December cash if you go this route.
4. Find a girl who can cook cabbage in five different ways. Seriously though, just because its December, shouldn’t mean that you break the bank by eating like a king all month round, look out for grocery deals and keep the feasting to minimal days in the month so that you have ample groceries in the cupboard come Januworry.
5. Think about your future and make sure you’re leaving a legacy
While having a savings account is important for the rainy days should they come, be sure to think about the legacy you’re leaving behind for your children and those coming up behind you. There is wealth to be made and, to be left behind by investing in things like property. If you aren’t a home owner yet, speak to a financial provider to inquire how you can become a home owner before its Januworry 2020.