CAPE TOWN – South Africans who live far from where they grew up love to "go home" during the festive season to catch up and reconnect with their families. The problem is that this joyous time of togetherness can often be hard on your pocket.
It’s vital to have a solid financial plan to get you through this period without getting into debt or “being forced to do a ‘vosho’ to impress an ATM in the hopes that it will vomit money despite an R6,00 bank balance after the festive spending spree”.
This is according to John Manyike, head of financial education at Old Mutual, who says that your plan should be realistic and based on what you can afford. So when deciding how much of your available funds to allocate to family obligations, make sure you balance your family’s expectations with what you can afford.
The question for many people is whether they can fulfil their family responsibilities, while also meeting their regular monthly obligations such as the bond or rent, transport costs, savings and insurance premiums, groceries, and still have some extra money for January, which can be a very expensive month.
“People need to remember that there is life after December,” said Manyike.