Proper planning this festive season can make you enter the new year with financial freedom.
With the festive season upon us, most people tend to spend lots of money and suffer at the beginning of the new year. Lee Bromfield, CEO of FNB Life, says they usually see people downsize or cut back on some of their regular expenses during tough economic times is to create more financial room.
“Unfortunately, some people sacrifice in areas such as life or funeral insurance to boost their disposable income. This is not advisable because you forgo benefits when cancelling a policy, especially when you have been paying premiums for a number of years,” he says.
Lee suggests the following to save as much as possible over the holidays:
1.Bulk shopping for basic goods
Retailers always have special deals that could save you lots of money when you buy in bulk. Try to buy basic goods that will last you at least two months. You’ll be amazed how much you could save.
2. Maximise loyalty schemes
Use store cards and rewards programmes offered by banks to your advantage. Try to accumulate as many points or discounts by being disciplined about where and how you shop. For instance, if you earn more points by using your bank card, use it consistently!
3. Make subtle lifestyle changes to save money
If you and your partner work along the same route, why not travel in the same car and save on petrol. If you use public transport to get to work, consider buying monthly bus tickets that come at a relatively lower cost than most modes of transport.
4. Entertain at home
Going out to have a good time or enjoy a meal is a habit for some people, but the reality is that you could do the same thing at home and save a lot of money.
