Gift yourself a festive budget

AVOID JANUWORRY: GUIDE TO MAINTAINING FINANCIAL WELL-BEING OVER THE HOLIDAY

- Buhle Nxumalo

With the festive break upon us, it is time to set your out-of-office messages, close your laptop, and relax.

This is a season for spending time with loved ones and treating yourself for the year's hard work.

But does all this indulgence have to come at a hefty price? Let us explore how to avoid the dreaded "Januworry" slump that often follows the December holidays.

The temptation to splurge

It is easy to get carried away during the festive season. Traditionally known for reckless December spending, this habit now starts as early as November with the rise of Black Friday and Black November promotions.

Retailers have extended these discount periods, enticing consumers to spend over several weeks rather than just one day.

The convenience of online shopping exacerbates this, making it easier to overspend without even leaving home.

Inflation remains the top concern for 75% of South Africans, with many turning to credit to maintain their lifestyles.

Unfortunately, this reliance on credit has led to a growing debt crisis.

One sixth of South Africans - roughly 10 million people - are three months or more behind on debt repayments or are facing legal action.

Despite these financial pressures, the appetite for debt continues to rise, particularly during the festive period, commonly referred to as the "silly season".