For many of us, the festive season is a time of year when we travel home and spend time with our loved ones. But this often comes with financial obligations. Whether it’s contributing money to fixing the homestead or paying school fees, black tax is a reality for most South Africans.
Caring for our families is one of the main reasons we work as hard as we do, and providing financial assistance when we’re home is the right thing to do. But at the same time, it’s very important not to overdo it and risk own financial security in the process.
The question for many of us is whether we can fulfill our family responsibilities while also meeting our monthly obligations such as a bond or rent, transport costs, savings and insurance premiums, groceries, etc, and still have some extra cash for January, which can be a very expensive month. Many people don’t manage this balance and January turns into Januworry when the bills need to be paid.
Here are some budgeting tips to help get you through the festive season in the black:
Although it’s important to be responsible during the festive season, it’s also important to unwind and recharge your batteries, especially if it’s been a demanding year. Set aside some funds so you can spoil yourself a bit, or put them towards your festive season social budget. Remember though that if you get paid early in December, you need to be disciplined so that you can survive until your next pay cheque is deposited at the end of January.