By Andre Wentzel, 28 November 2018
‘Tis the season for overindulgence – and overspending – so avoid the pitfalls of debt and credit shortfalls by calling ‘BINGO’ instead. Share the game with your friends and family and start a challenge to see who can tick off all 25 ways to save the fastest. There’s nothing like a little bit of friendly competition to get the DIY Christmas flair out in full force.
Andre Wentzel, solutions manager at Sanlam Personal Finance says apart from playing Budget Bingo, the best overall way to save is to set a proper festive budget, “It sounds obvious, but few people actually set a realistic budget before the holidays and then stick to it. Without giving this proper thought beforehand, costs can run away with you,” he says.
How much this budget should be depends on your income, your other financial obligations and importantly, your
longer-term savings goals. Wentzel adds, “Any bonuses should ideally be invested directly into bonds or to settle debt because the long-term savings will far outstrip the short-term satisfaction of more festive season spend.” Even if investing your bonus isn’t an option, at the very least, it would be wise to keep it for January, which is typically a very long and tough month financially.