The festive season is fast approaching, and this time of the year while jolly and fun, really digs into everyone’s pockets.
So, with November’s salary, you have to pay bills for the month and also cough up for Christmas and New Year’s because December’s pay is almost guaranteed to be used up
There are many things one is pressured to spend on in the festive season. This includes gifts for family and friends, food, alcohol trips around the country or even overseas.
So, how can you start saving your salary? Allan Gray suggests beginning with a 20% savings goal when you're 25, increasing to 42% after 40, and 59% after 45 when you're 50.
South Africa’s very own professional penny pincher, Ncumisa Ndelu said the rising cost of living and people's reckless spending in this season contribute to debt and financial uncertainty.
“Some South Africans just do not make enough money and must stretch the rand to exist. When you combine job losses during and after Covid-19 with the cost of living during the last 2-3 years, you get a muddled concoction. Therefore, we all need to be extra cautious with our money and think twice before spending,” said Ndelu.
So, this payday, before you dig into your hard-earned money, think long and hard about how much you will have to stretch it.
IOL Business