As we stand at the threshold of the festive season, Paulvia Shiburi, a luminary in the realm of debt counselling and management has shared her strategies for achieving financial well-being during the holidays.
Shiburi said that consumers should be crafting a practical and effective holiday budget.
She advocates for individuals to tailor their spending to align with their financial realities, recognising that one size does not fit all in the world of festive budgets.
For instance, she recommends breaking down the budget into specific allocations for gifts, decorations, and festivities.
“This not only creates a tangible and manageable financial roadmap but also allows for a more conscientious approach to spending. Consider a scenario where a family allocates a larger portion of their budget to experiences, like a weekend getaway or shared activities, fostering lasting memories over fleeting material possessions,” Shiburi said.
She also said that South Africans should take a proactive approach to debt prevention strategies.
Shiburi said early planning and meticulous savings are pillars of financial resilience.
“This disciplined approach culminates in a robust holiday fund, not only mitigating the burden of last-minute expenses but also instilling a sense of financial discipline. Imagine a scenario where this holiday fund is supplemented with creative cost-cutting measures, such as DIY decorations or homemade gifts, demonstrating that financial prudence need not sacrifice the festive spirit,” she said.
Navigating the emotional landscape of holiday spending:
Acknowledging the emotional underpinnings of holiday expenditures, Shiburi delves into the psychological factors that often drive individuals towards excessive spending.
“Examine the societal pressure to conform to lavish celebrations and explores the emotional triggers that fuel impulsive purchases. Individuals should engage in mindfulness practices when making purchasing decisions, advocating for a pause before succumbing to the allure of a "sale" or "limited-time offer." This shift in mindset transforms one's approach to the holiday season, fostering a healthier relationship with both emotions and finances,” she advised.