How to manage your debt over the festive season

At Libertine Consultants, we realise that the festive season can be tough if you’re trying to control your spending. As one of the most trusted debt counselling companies in South Africa, we have brought many families and individuals back from the brittle brink of debt, so we know just how difficult it can be to pull in the belt when the rest of society spends like there is no tomorrow.

Here are a few tried and tested tips on getting through the holidays without worsening your debt situation:

date: 20/12/2017Author:

Avoid sales like Black Friday

Black Friday and other festive sales where retailers offer seemingly unbeatable deals on consumer goods is one of the biggest pitfalls you’ll encounter over the holidays. These sales are tailored and marketed to make you think that you won’t ever strike a similar bargain again, which often leads to reckless spending. Avoiding it completely is your best bet.

Enjoy a staycation

No matter which way you slice it, a holiday ends up costing a lot of money. Even if you’re just visiting family in a different province, the costs add up. There’s fuel, food, entertainment, gifts, contributions to household expenses – you name it. This year, instead of stretching your budget to breaking point, rather stay home and use the funds you have available in a creative way to enjoy your time with your family. This doesn’t mean you can’t entertain; invite friends over for a bring & braai or potluck, with everyone bringing along whatever they would be having for dinner that evening. This way you can enjoy a gettogether without the added expense of catering for everyone.

Reduce, reuse, recycle

There are many different ways to turn budgeting into a fun challenge. Rope your family in and make a point of seeing how many creative ways you can find to save money. For instance, instead of buying gifts, make this year a hand-crafted affair, where everyone has to present something they made themselves. This could be anything from home-made cookies to teabag firelighters in a pretty container – the sky’s the limit!

By following these guidelines, you will make it a lot easier to stick to your budget plans over the festive season. Remember, you are paving the way to a prosperous future, so while keeping your spending in check might seem like a chore in the moment, it will all be worth it on the day when you are able to breathe free and clear, knowing that your debt is something of the past.

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