Tips on how to budget over the festive season
Financial advisor Siya Mayola added that December is prime time to practice one's skills on how to budget.
POLOKWANE – Budgeting is an important aspect to being financially responsible and is something that we should do monthly, says financial advisor Siya Mayola.
Mayola added that December is prime time to practice one’s skills on how to budget as you should be receiving your salary earlier than usual and in most instances a bonus too.
“During this time it is important that you ensure that all your necessities are paid for. Before you use your money to enjoy the festivities, draw up a list of necessities such as rent, credit installments, utility bills, school fees, groceries and luxuries such as new clothing, alcohol, holiday money and gifts,” he said.
“This is the best way to ensure that you don’t have to stress about your financial obligations when the year comes to an end” he said.
“Once you’ve drawn up your budget and paid all your debts, we as advisors usually advise our clients to keep track of their daily and/or weekly expenses. Keep your receipts, check your bank transactions. This way you can keep track of the money leaving your wallet and prevent yourself from overspending and ruining this month and next month’s budget.”
“Also try to be smart when buying gifts for your family. Try selecting affordable items and avoid overspending“, Mayola added.
