Beat the Januworry blues with these spending and saving tips

There is a sense of anticipation in the South African air.  Warmer, balmier nights, enjoying a few well-deserved beers at the tavern now that its year end, in fact… buying a few rounds for the bras at the shebeen cause you know, they too have had just as challenging a year as you have.  Hold it right there!  With December partying comes the looming burden of Januworry.  We’ve got a few tips to help you enjoy your money this December while having enough money to go round during the month that never ends.

Don’t be this guy…

1. Planning is key

For many, December brings with it opportunities to enjoy your hard earned cash by attending every single party you’re invited to, spoiling the kids with those toys they’ve been nagging you for all year, blessing your parents and elders with cash they are relying on you for and buying your little sister those sneakers you know she’s been eyeing for the past six months.  While these are wonderful and noble gestures, they aren’t wise if you are spending more than you are actually able to.  Think legacy and what you’re leaving behind.  Do you really need to spend all of December hung over while others enjoy your hard-earned cash?  Your starting point would be to create a simple budget.  List items that are non-negotiable such as debit orders, rental payments and groceries for the month.  With the money left over, decide how much you’re going to need for January and make sure you put this amount of money away safely to use when that dreaded month makes its entry or, put away for a rainy day should you every need it.  Now you’re free to decide how much you’re able to spend on others.  December may be the season for giving but in our opinion, its also the month for saving and for being smart about your cash.

2. Saving tips

Maybe you haven’t saved a cent all year.  The good news is:  its never too late to start.  If you lack discipline in this area, you’re in good company – most of the population lacks good judgement when it comes to saving.  Don’t beat yourself up for it, make allowance for your weakness – maybe open an account at a bank which has fewer ATMs and offers you the opportunity to put money into the account though, makes it unable for you to tap into the funds.  You could also look at getting a ‘fixed savings account’ – the beauty of this type of an account is that you earn interest from your first deposit without being able to access any of the funds until your saving has reached maturity.  Make sure you set aside some of your bonus money to store away for a rainy day.

3. Shopping for presents

Make sure you look out for discounted deals when Christmas shopping.  You don’t have to blow tons of cash on an item if it requires you to pay less for the same thing.  A tip for next year would be to start shopping as early as you can (probably even start at the end of February), you can buy someone a gift at the end of every month and rest easy when December rolls around next time.  Also, you get to enjoy more of your December cash if you go this route.

4. Find a girl who can cook cabbage in five different ways

Seriously though, just because its December, shouldn’t mean that you break the bank by eating like a king all month round, look out for grocery deals and keep the feasting to minimal days in the month so that you have ample groceries in the cupboard come Januworry.

5. Think about your future and make sure you’re leaving a legacy

While having a savings account is important for the rainy days should they come, be sure to think about the legacy you’re leaving behind for your children and those coming up behind you.  There is wealth to be made and, to be left behind by investing in things like property.  If you aren’t a home owner yet, speak to a financial provider to inquire how you can become a home owner before its Januworry 2020.

Xtenda Housing Finance (XHF) is a community-focused housing institution which provides simple and easy small housing loans to the population living in the rural areas of South Africa.  Created on the pillars of integrity, respect and honesty, XHF seeks to empower previously disadvantaged individuals who due to the injustices of the past, do not have access to housing finance.

XHF aims to become the leading, low income housing microfinance provider within South Africa through its commitment to creating a positive social impact within the communities it serves. XHF’s model is designed with the objectives of developing, creating and growing wealth in the country which in turn, enables families in the communities XHF serves to (1) Gain access to housing microfinance and (2) Generate an income and improve their standards of living through home ownership.

Our team have spent years working within the mainstream financial housing industry and come with extensive experience and expertise which they have tailored specifically to suit the low-cost housing market in South Africa and globally. As a first in South Africa, the XHF team have developed this offering to enable many home owners and communities to create wealth for themselves and future generations.