The South African Savings Institute (SASI) launched yesterday the Festive Season Savings Campaign and called consumers to spend wisely.
The SASI chairperson Prem Govender said: “We not only have to develop a robust culture of saving in South Africa, but we also need to educate consumers about the pitfalls of giving in to easily accessible credit they simply cannot afford.”
“The Festive Season is a particularly vulnerable time for all income brackets and consumers need to remember the demands that the New Year will bring.”
SASI provides the following tips to survive the festive season
- Resist SALE, think SAVE! Clearly distinguish between needs and wants.
- Make your own Christmas gifts and only take holidays you can afford.
- Have a clear budget for your requirements in the New Year. Create a budget using the SASI budget tool.
- Use free online tools to track your spending and debt and know where every cent of your income goes.
- Pay cash for all purposes and don’t be trapped by easy credit – in fact, cut up those store credit cards!
- Visualise what you want to save for and start saving more. Save your bonus and make it multiply.
- Service your debt and stick to the payment terms. If you cannot service your monthly debts discuss your situation with your credit providers before it is too late. Consumers can seek assistance from a registered debt counsellor by contacting the NCR on 0860 627 627.