With December’s pay not stretching far enough into January, stay on point by preparing beforehand with the help of these tips:
- Gift vouchers – If you receive your annual bonus now, purchase gift vouchers for everything. A supermarket gift voucher for the January groceries; a clothing voucher for the kid’s school clothes and stationary, or any other relevant voucher for the odds and ends during the ‘longest’ month of the year.
- Tax-free investment – As most do, they use their beloved bonus to settle debt, buy festive clothing, toys, etc. This time, skip on one or two items and invest as little as R 500 to open a tax-free investment up to R 33 000. Your monthly contribution will earn compounded interest and watch it grow.
- Monthly payments – Don’t skip on any of your monthly payments during December or January, even if you only pay the minimum amount.
- Loyalty club card points – Make use of your loyalty club card points that you have accumulated throughout the year to help lessen the load.
- Avoid going into overdraft – It sounds great, but it’s a temptation to overspend. At the end of the next month, you have to pay it back in full, leaving you in the same predicament as the month before.
- Craft a vision board – Every successful business person has a vision board. Use your extra leisure time to craft a vision board, to motivate you to start adopting better money habits and to help you to dream bigger than your current situation. Pinterest has some great ideas to help you start.