It’s easy to ride the festive wave and buy gifts on your credit card for all and sundry – leaving you broke when the new year arrives. Avoid the credit pitfall and be part of the Sanlam Bingo saving game.
Besides playing Budget Bingo, you can save efficiently by setting a proper festive-season budget, says André Wentzel, Solutions Manager at Sanlam Personal Finance. ‘It sounds obvious, but few people actually set a realistic budget before the holidays and then stick to it. Give your holiday spending careful thought beforehand, otherwise the costs can spiral out of control.’
Your budget size depends on your income, your financial obligations and, importantly, your longer-term savings goals, André adds.
‘Any bonuses should ideally be invested directly into bond repayments or to settle debt because the long-term savings will far outstrip the short-term satisfaction of more festive-season spend.’
The tiniest saving can be helpful in getting you through January, which is often a long and tough month financially.
Watch the animation below for our top 25 savings tips, or download the PDF here.