Are You Prepared? Probably not…
With the end of the year fast approaching it is wise to start thinking about the typically financially tough months of December and January.
With the lockdown earlier in the year and how things have been going, it is only realistic to be thankful for having work and income. Dreams of a bonus have long since faded and just the fact that your boss may give you a few days off at the end of the year is something to be celebrated.
The end of the year is traditionally a time when families get together and spend time enjoying one another’s company, often with gift-giving and big meals and added costs.
Despite the pandemic many people will be travelling to spend time with family this will mean added expenses and in some cases unrealistic expectations from family and friends (regarding bringing of gifts).
If you expect to take a break and travel or give gifts at the end of the year then be sure that you have budgeted for these extra costs. If money is tight after a tough year of lockdown then now might be a good time to have an honest conversation with your family (either at home or those who expect you to visit and bring gifts) to help manage expectations.
We are all looking forward to a new year ( hopefully a better one) but January can bring with it its challenges. For parents, for example, it can mean new school uniforms, new books and additional costs.
If you have not been able to set funds aside according to your planned monthly budget from your Debt Counsellor (after all lockdown made a joke of most of our plans) then you may now want to cut as many costs over Black Friday and Christmas holiday season as possible. Talk to your family about what these cuts may look like and how everyone can contribute to cutting back on spending.
You Need To Prepare
Preparing now can help reduce your stress later. Particularly is this applicable for those who no longer can access more credit (like those under debt review). Be sure to rope the whole family into helping cut back on expenses and talk about being realistic of what they can expect this year end.
This article first appeared in Debtfree Magazine issue #11/2020 under the heading: Prepare Now