Members of the public have been advised to be wary of reckless spending during the festive season. The advice comes amid a surge in spending during the season.
“Every year we see an increase of about 28 percent on credit card spend over the December period, but with careful planning and clever management of this inevitable increase in spending , you can enjoy your festive season without adding to your debt responsibilities,” says Chris Labuschagne, Chief Executive Officer of First National Bank Credit Card.
He suggested several measures. These include understanding debt responsibilities, using rewards and value-adds to cut down on spending and tracking on spending.
“Don’t sweep your debt responsibilities under the carpet until the New Year, take time to plan your finances,” said Labuschagne.
He reminded there were also other important expenses on the other side of the festive season, such as schools fees.
“Planning for education is vital, so ensure you have factored these into your budget.”
Author: Tintswalo Baloyi