Spending for the holidays…
keep it in check

Christmas, the season of good cheer, is also a time of heightened commercial activity. Many persons find themselves buying gifts for everyone they know and overindulging in those items that were previously unaffordable to them earlier in the year.

Yes, the holiday period is the time for shopping and entertaining. Amidst the purchasing and festivities, we hardly focus on how much we spend. However, when the New Year rolls in and we're confronted with hefty bill payments, depression and worry sets in.

To avoid overspending, it's best for consumers to set realistic expectations and develop a shopping list to keep track of spending.

In today's cashless society, many of us rely on our credit and debit cards for all our shopping needs. Whilst this is good, one must always take into account that credit cards do not pay for themselves. The credit card bill has to be paid by the card owner. Therefore, it's best to have a budget, stick to it and avoid impulse shopping. This will result in a future with much less stress.

Should you choose to purchase gifts by credit card, it is advisable to ensure that you pay off this debt as early as possible. The preferable repayment period should be in the next three months, taking into account your earnings for the subsequent months.

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