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Spending can get out of hand during the Festive Season. Here are some tips to help you avoid that trap.

With the Festive Season around the corner, we all know that there are many demands for us to part with our hard-earned money. TV ads and billboards encourage us to shop till we drop.

But we all know our December salary must last until the end of January. There are ways to protect your finances this December, so that January doesn’t feel like an endless month. Follow the handy tips for sensible spending:

Budget: Draw up a budget to determine what you can spend on entertainment, presents and other items. Stick to this if you want to remain in control of your finances.

Use savings wisely: Make sure you know how the extra items you need to finance. You might need to withdraw from your savings, which is better than using a credit card which charges high interest rates.

Shop around and look for sales: There are many on at this time, but make sure you buy quality goods that you will use next year.

Buying junk is a waste of money.

Cash in loyalty cards: You probably have many of them in your purse, so see if you can use your loyalty points to purchase things that you need or the gifts that you need for your family and friends. Don’t just blow the point on gimmicky items.

Saving for January: Overspending in December wouldn’t be so much of an issue if January was not such an expensive month. We tend to forget that there are household accounts to be paid such as electricity and water. One of the biggest expenses of the year comes in January: new school supplies, school uniforms and school fees. It is a good idea to budget for these in December to avoid the stress of trying to finance these in January.

Start planning for December 2015: The best way to ensure that you don’t overspend during is by saving for it. Use a monthly debit order to put away a certain amount to use for end of the year expenses.

Last Updated on 15 December 2014 by HPCSA Corporate Affairs