The topic of ‘financial freedom’ goes a long way especially in today’s tough economic environment. While we try and reduce the financial burden we often find ourselves swamped with unnecessary or unexpected expenses that often cause a hole in our wallets.

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Managing your finances should be a standard priority and should be an ongoing process.

“Spending time with our loved ones over the holiday season is exciting; but sometimes our financial circumstance puts a damper on the holiday spirit. However, this can be avoided if you manage your finances properly throughout the year,” says Ester Ochse, Product Head: Money Management.

She adds that, “Ongoing financial reflection will help identify what has worked and what has not worked for you financially throughout the year. This enables us to find solutions that will help you better manage your finances, so that you don’t end up in a situation where you cannot enjoy time with your loved ones.”

Your budget should be updated and reviewed regularly with your daily and monthly expenses. This will give you an overview of your financial standing for the year. “A list of savings goals will help guide you to draw up your budget. The holiday season is famous for entertainment, family outings and gatherings, short weekend getaways and festive season shopping sales. So, ensure that these short-term goals are factored into your budget,” explains Ochse.

If you are quite strained financially, look at hosting family get togethers or bring & braais at home together and movie nights instead of going out.

This will help you cut costs and you will also enjoy your families company in the comfort of your home.

Managing your finances need not be a tedious activity. “The key to ensuring that you financially stable and to continually review and stick to your budget. Deviating from your budget will just cause more harm which will result in unduly expenses for yourself and your family,” concludes Ochse.

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