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Saving tips for the festive season

2023-12-04  Staff Reporter

Saving tips for the festive season

The festive season is finally here, and most people are looking forward to finally spending much-needed time with their families as well as getting in some long-overdue rest. 

“It’s a joyous time of the year when people exchange gifts, travel and spoil themselves with one or two expensive purchases. However, just because it is festive season, it doesn’t mean your budget should go out the window; you should remain cognisant of your spending to come out strong and avoid Januworry,” said
FNB Namibia’s head of investment Erastus Tshatumbu.

He further advised people to ensure they get through the festive season financially sound by following these easy tips: 


Save money now for your January expenses

Many people get paid early in December, which creates the impression that they have more money to spend. However, that is not the case because one still has debit orders for December and January. 

So, do not wait until after your holiday is over to see if you will have enough money for the New Year. List all your December and January expenses; this includes your home or car repayments, utilities, school fees, insurance, regular savings and so on. Put money aside for those essentials, and do not use it for anything, except what it is meant for. This way, you can enjoy your time off in peace, knowing you will run into debt in


Plan your holiday budget

After putting aside money for your January expenses, you will be able to see how much money you have left for holiday spending. Remember that over the festive season, everything – from essential food items to
holiday accommodation – is more expensive. 

So, do not underestimate a holiday budget. Once you have set a budget, base your plans on it. Then keep track of your spending by writing it down, using an app or an Excel spreadsheet.


Be smart with your bonus

If you are lucky enough to earn extra money in the form of a bonus or a thirteenth check, do not plan to spend it immediately. It is important to pay ‘future you’ first, so it may be a good idea to contribute a little extra to
your investments during this period. 

Take some time to consider where you can best allocate the extra funds – either to save your money, like paying off debt faster, or earn money like our Call Account, Money Maximiser and Flexi-Fixed for your different needs.

Remember, two key practices for financial independence are saving and investing. Saving involves being mindful of how you spend, and it becomes an important aspect of life when you entrench it in your daily and monthly budgeting. 

Not only does it come with interest-earning benefits, but it also constitutes capital preservation for any goal you might have. Saving also instils financial discipline to not deplete your hard-earned income. 

On the other hand, investing refers to putting money into financial markets schemes to earn great returns, and staying invested long enough for your money to compound and for your wealth to grow. Do both consistently, and you will be one step closer to achieving financial freedom.


Save on travel

December holidays are the times that we love to get away and unwind, but one should find cost-effective ways to do this. Go camping or glamping – there are many options available for both. You can also travel in larger groups to capitalise on group lodging discounts and carpool to save money on petrol costs. 

Alternatively, you can postpone your travels to a different time of the year when places are not charging high holiday prices. 

“With that, we hope you have a wonderful festive season, and that you can put some of these things into practice. Just remember this: whatever your financial goal, FNB can help you achieve them,” Tshatumbu concluded.

2023-12-04  Staff Reporter

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