{"id":17661,"date":"2022-12-05T11:06:03","date_gmt":"2022-12-05T11:06:03","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/your-personal-finance-during-this-festive-season"},"modified":"2022-12-05T11:06:03","modified_gmt":"2022-12-05T11:06:03","slug":"your-personal-finance-during-this-festive-season","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/your-personal-finance-during-this-festive-season","title":{"rendered":"YOUR PERSONAL FINANCE DURING THIS FESTIVE SEASON"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>A tough 2022 is coming to an end and the festive season beckons.<\/b><\/p>\n

Unfortunately, for many, it will not be festive at all, as retrenchments, a dwindling household income and the economic effects of the Covid-19 pandemic and other factors have drastically reduced disposable income.<\/p>\n

Budgeting is one of the most important tools to steer you through troubled financial waters, and there are several ways to navigate the festive season and see the year out on a financially sound basis, even with limited resources at your disposal.<\/p>\n

Here are a few tips on how to keep your household budget shipshape.<\/p>\n

Take stock. Make a list of (and pay) all your \u201crequired\u201d expenses, such as the rent (or home loan instalment), municipal account (or pre-paid electricity), cellphone or internet bills, school fees, insurance, medical aid and commuting expenses.<\/p>\n

The second line of expenses includes food, entertainment, clothes and most importantly, savings for a rainy day.<\/p>\n

Cut where you can. Once you have compiled your expenses, figure out how to reduce them and where to obtain items at a reduced price \u2013 saving money on your purchases can be compared to an increase in income, so keep an eye out for specials on items that you need to buy regularly.<\/p>\n

This includes retail specials, promotions on different gadgets you need, like a cellphone upgrade maybe; and getting a discount if you pay certain expenses under certain conditions. Buying pre-paid electricity in bulk units can also save you money in the long run. It is important to know the cost of items and constantly be on the lookout for promotions.<\/p>\n

Plan ahead. Planning your weekly food menu ensures that you buy only the required items. Also, plan to use everything when preparing your meals \u2013 not only will you save money, but you will also reduce waste.<\/p>\n

Trim the fat. Steer clear of non-essential items offered on credit, such as furniture and appliances, as the interest charged as part of the credit terms is usually very high. If you cannot purchase such an item with cash, do not purchase it at all. Rather add it to your future wish list, and when cash is available, make your purchase.<\/p>\n

Keep track. The average family spends more time planning their holidays or entertainment activities than their personal and household finances. It is vital that you keep track of expenses on a monthly basis.<\/p>\n

This will give you an idea of the amount of income that you need as well as enable you to monitor increases (or decreases) in these expenses.<\/p>\n

More importantly, you can reprioritise your list of expenses \u2013 move some up and some down the list, remove others altogether or add new expenses.<\/p>\n

Make a sale. Sell off unwanted items like an old phone or other appliances. There are various online platforms on which you can sell these items. However, be careful when using these platforms \u2013 whether you are buying or selling something, be wary of potential scammers.<\/p>\n

Don\u2019t blow it. If you receive a bonus, spend it wisely. Firstly, use it to repay any debt that you might have; secondly, pay expenses that are in arrears.<\/p>\n

If there is some money left, save at least 50 per of it; the rest can be used to buy necessary items that you could not finance during the year, like appliances or necessary clothing items.<\/p>\n

Pay it forward. If you are able to give your child a small monthly allowance, encourage them to save their money.<\/p>\n

You can reward them with \u201cinterest\u201d if they show you that they have saved a certain percentage.<\/p>\n

Also teach your children to save electricity, water and food. Not only will this save you money, but it will also ensure that they are responsible citizens who are contributing to a sustainable society.<\/p>\n

The best things are free. Many activities are not expensive, or cost nothing at all. During the festive season and school holidays, get outside and enjoy the weather. Seek out activities by getting input and ideas from all household members.<\/p>\n

If you do travel, prepare your own food and snacks, and avoid expensive restaurants and take-away food.<\/p>\n

Be inclusive. All household members should be part of the financial budgeting process and discussions about household expenditure.<\/p>\n

By doing this, you not only create understanding about a household\u2019s financial position, but also educate your children from a young age, thereby creating a culture of financial discipline.<\/p>\n

Now go out there and enjoy the festivities responsibly!<\/p>\n

For More News And Analysis About Eswatini<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. A tough 2022 is coming to an end and the festive season beckons. Unfortunately, for many, it will not be festive at all, as retrenchments, a dwindling household income and the economic effects of the Covid-19 pandemic and other factors have drastically reduced disposable income. 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