By Kouthar Sambo
As we head into the festive season, consumers find themselves enticed by overspending, buying on credit, and ending up living above their means.
Speaking on VOC’s Breakfast show earlier this morning, financial expert Moeshfiqah Botha advised on how to spend savvy so you do not break the bank during the festive season.
Botha said that by the time the last week of December hits, chances are people have already overspent.
“This time of the year, people are very guilt-ridden, but it is no use crying over split milk. We have to become financially savvy about our money and figure out how to make the money stretch to the end of January,” stressed Botha.
“We also need to ensure that our necessities are sorted. The amount of stress and anxiety of non-payment of debt, school fees, and transport fees in January is tremendous,” expressed Botha.
Make a list of the essential items needed, advised Botha, since none of us are too rich or own many properties.
“Go back to budget basics, start looking for the areas you can cut off, and start comparing prices. Make sure you have your list of essentials, and then make a secondary list and work out the prices on the calculator,” added Botha.
“When I say make a list, I am saying work out a pre-budget list where you are honest with yourself and set a limit on your expenditure. If you are not honest about your budget, it will not work, and you will exceed your expenses,” reiterated Botha.