Spend wisely during holidays to avoid debt - expert
Consumers are being urged to watch their holiday spending this festive season.
Personal finance expert Salem Nyati, says South Africa's January borrowing statistics are far too high, suggesting that people are not prioritising their spending to avoid unnecessary debt.
She is encouraging drawing up a budget.
"People have been paid this week. You can already start counting this week as the 1st of January, knowing that the next salary is coming at the end of January. So, prioritise January first before you see to the holiday budget."
READ: SAPS give tips to carry cash safely this Festive Season
Nyati, a financial education specialist at the Momentum Group, is advising against buying on credit unless it’s necessary.
"When you have a budget and you put the money that you are going to spend next to the thing or item, you will know that you can't afford, [for example], a cow, but you can [afford] a sheep."
"Sometimes we are so excited [to spend] and then we end up not having enough money and are unable to fulfil a need; that is how people then find themselves borrowing."
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