Managing your money well during the holidays can give you a financial head-start to the New Year.
Here are 3 things you can do now to help you get next off to a great start:
- Tip 1: Plan and prioritise your spending. There are many extra expenses at this time of year. Make sure your bills are paid before you celebrate the festive season. If you get your December salary earlier than usual, make sure you keep enough for your January bills and daily expenses. January is a very long month otherwise!
- Tip 2: Avoid missed debit orders and penalties. In December, some service providers process debit orders early as businesses pay salaries earlier than usual. Tip: Ensure that you have enough funds in your account for any early debit order collections. If you aren’t paid early, inform the service provider to align your debit order to your December payday. This will save you the cost of negative fees such as unpaid/honouring fees and interest and any missed payments show up on your credit record and can negatively affect any loan applications.
- Tip 3: Set your holiday budget. Once you know that your bills and daily expenses are covered, set yourself a budget for each of your festive expenses, such as gifts and entertainment. Plan based on what you know you have to spend, and then keep track of your spending using your banking app.
Remember, money management never gets a holiday. Staying money smart is one of the best festive gifts you can give yourself. Applying these tips can help you start the new year strong, with more spending power and no regrets.
