Avoiding the January money blues

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Consumers are likely to spend up a storm this festive season despite the January debt headache.

Cape Consumers said the Christmas period was undoubtedly an expensive time of year for all and have given tips on thrifty spending.

“By the time the new year ticks over most of us probably refuse to look at our bank statements and dread the January blues. The festive season shouldn’t be a money drain… “.

Read: Ditch the debt, urges ENSafrica

It advised as follows:

• Make a shopping list to stop impulse buying, get only what you need and not what you want. It will also keep you on track with your budget
• Draft a budget in advance remembering that January is a long month and overspending before the next paycheck could be disastrous
• Avoid Secret Santa by deciding as a family on the budget all of you are comfortable spending and have a list of essential items everyone would love for a present.
• Shop online and take advantage of a wide variety of great deals instead of searching in malls for perfect gifts. The gifts are also delivered to you saving on transport costs and frustration in crowded malls
• Give gifts of service which are often significant act of kindness to someone in need. For example, mowing the lawn for elderly parents, helping in the house, running an errand for a friend or family member or cooking dinner for someone.
• Consider a cash-back credit card which gives a percentage on any purchase back when swiped at an accredited retailer. This saves money which can be used for other needs
• Be smart and don’t overbuy Christmas meals by maintaining normal eating habits and quantities even with special guests. This way, you will avoid wastage or giving away leftovers
• Shop in advance and spread out the budget over two or three salary months. This will make purchases manageable
• Never underestimate the power of a well-thought out homemade gifts. You can make great ones that will be well-received. The idea could come from a longstanding joke between you and the receiver or just a sweet little gift to show that you care. Sometimes the best presents are ones that remind you of each other and are not remembered for their cost
• When in doubt, use vouchers and coupons, and keep an eye out for potential bargains for your buck
• If hosting Christmas or New Year, share the costs by informing everyone what they can bring. Often, guests with excellent cooking skills will be grateful to contribute. Do so remembering that the time is about spending quality time with your loved ones and friends once a year.

Details: Cape Consumers 021 409 7600

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