Many consumers find December to be a difficult time.
Not only might you face less work hours (and so less pay), but also people in your family or your friends may be expecting you to spend lots of money on holiday gifts. This can create undue pressure on those who are in debt review or who are trying to watch their budget.
Have You Been Saving?
If you have not already been putting a few Rand away each month towards these end of year expenses, then it can be hard to control your spending during December.
With many companies or industries having end of year holidays, it can also mean spending more than you normally would on travelling, eating out or other “fun” activities.
If you are under debt review, then be sure not to miss your December payment
Many Debt Counsellors talk to their clients about moving their regular monthly debt repayment date to earlier in the month (when salaries are paid), to help remove the temptation to spend funds that should be used to service debts.
Budget or Bust
If your Debt Counsellor recommends you do this or not, try to plan ahead now for December. Keep a strict watch on what you are spending and matching that to a written budget can really help you stay on track (and there are many free apps to help you).
‘your family or your friends may be expecting you to spend lots of money on holiday gifts’
If you are expected to entertain your family on a budget, or provide gifts, then you should think about surfing the internet for some good (and cheap ideas). This could be anything from heading to the beach, out for a hike or re-gifting. There are plenty of good ideas out there, don’t leave your planning to the last minute.
So, plan ahead, know and stick to your budget, and get creative with affordable alternatives.
Most importantly make your debt review payment, and don’t let your spending get out of control this dangerous December.