The festive season has everyone in good spirits, and people are likely to spend more money.

January can be an excruciatingly long month, however, since most companies pay December salaries earlier than in other months.

Despite January having no more days than most other months of the year, people tend to spend more.

This is often because bonuses present a greater temptation to splurge.

Advocate Kedilatile Legodi, Acting Manager of the National Credit Regulator, advised consumers to draft a budget to ensure they spent what they had on what they needed.

He also reminded consumers that December salaries needed to cater for January expenses: school fees, school uniforms, food, transport and more.

Overspending can lead to January being financially stressful, he added.

Unregistered credit providers could lure those who are under financial stress with phrases like ‘blacklisted consumers welcome’ and ‘cheap credit’.

Adv Legodi said these credit providers normally charged high interest rates and fees which were not in line with the National Credit Act, and advised consumers to only make use of NCR registered credit providers.

This would help avoid bank cards numbers, pin numbers and identity documents being ‘retained’ by unregistered credit providers.

He provided the following festive season tips:

– Make a list and draw up a plan of your needs, then set a budget accordingly

– Prioritise home loans, rent and school fees

– Purchase school uniforms and stationery in advance

– Save money for next year for holidays, projects and studying, in order to avoid applying for credit

– Contact a registered debt councillor to assist with any inundated/ accumulating debt.

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