January for most households is a long, painful slog as the financial hangover from December starts to kick in.  For many December has become a debt trap, the repercussions of which are felt long after the champagne corks have been popped. This year specifically, South Africans should have greater pause for thought before they start (over) spending on Christmas gifts and holidays, given record petrol prices and skyrocketing food costs.

ALSO READ: Your money in 2018 – how to set and stick with a realistic budget That’s according to Sonja Visser, Chief Executive Officer of African Unity Life who has cautionioned consumers to be careful with their bonuses and overall spending.

 “Care should be taken with your finances over this period more so than in previous years, as it will also become exceedingly more difficult to play catch-up come January and beyond. Also, resist the temptation to make new debt to settle debt. This plunges people into a downward spiral that is very difficult to overcome,” says Visser.

She said consumers should try to buy cash wherever possible. “The pressure over the festive season to splurge is immense and while we may fill our stockings with shiny new items for all to see, for many the struggle of the new year is a quiet, painful and cashless one,” says Visser.

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