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Enjoy the Holidays without getting yourself into more debt

[as published in Namib Times, 13 December 2016]

Namibians are getting into more debt every month. Consumers must start now to plan for 2017 and practice more discipline in their spending habits to avoid being over-indebted. The best is to save for festive season expenses long before the decorations go up.

But for so many of us, this advice may come too late.  For a lot of people, festive season spending means taking on extra debt to cover our holiday expenses.  This is a bad idea as this scenario will put you under more financial strain next year.

We want to warn consumers to be careful not to overspend in December. January is normally a difficult month when it comes to paying for additional school necessities as well as normal living expenses in the first weeks of a brand new year!

Here are a few useful tips to keep your holiday spending under control:

  • Stick to your budget and plan for extra holiday expenses.
  • Consider less expensive gifts, go DIY this year and make personal gifts which are less expensive and much more personal.  Involve the whole family.
  •  A great way to save on holiday entertaining is to find free activities in your town or area. Get friends and family together for a picnic while enjoying the sights and attractions of local places of interest – for free.
  •  Cut on entertaining expenses like going to restaurants and ordering take-aways.  Get creative in the kitchen and prepare your own amazing meals for family and friends.
  • Make a shopping list for the holidays to avoid impulse purchases.

Take control of your debt and plan carefully for your 2017 financial expenses.