It seems that everyone is counting down the days to “Black Friday” sales.
According to the Reserve Bank, consumer debt currently stands at R1.7-trillion, with a study by the World Bank revealing that about 25 million South African adults owe money.
We would like to ask our listeners to avoid getting caught by sales gimmicks and false discounts. Remember to plan for the necessities for the months ahead like your rent, bond, food and transport.
Do not get yourself into unnecessary debt.
Some advice from the National Credit Regulator:
- If it is on sale and you buy it on credit, remember that interest and fees will push up the price. Therefore, cash is king for sale items.
- Don’t spend what you don’t have this means do not live beyond your means and don’t buy if you haven’t budgeted;
- Set a realistic budget of what you can afford to spend at the beginning of your Black Friday/Christmas shopping and stick to it;
- Don’t shop in a hurry, without a plan and place everything on your credit/ store card;
- Plan carefully and pay particular attention to your budget, especially bearing in mind the additional expenses that come with the new year;
- Have a shopping list to avoid buying unnecessary items if you don’t need it now, chances are you may never need it. So a void wasting your time and hard earned money
- If you want to begin the New Year in a financially sound position, be aware of how you spend your money during this period and save for the New Year;
- Do a budget for the festive season which includes all debt, rent, electricity, water, insurance, transport, gifts, school uniform, stationery, entertainment etc;
- Don’t blow your bonus on treats. Spend Wisely and rather pay off your debts;
- Shop around for specials and compare prizes; Spend wisely tomorrow and during the festive season and enjoy a financially relaxed and peaceful new year.
Remember that if you choose to ignore your budget and break the bank on Black Friday or max out your credit cards for festive shopping you may be headed for a bleak 2019.
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