JOHANNESBURG - It's that time of the year when people are getting their December bonuses and salary, earlier than usual.
While some are celebrating, others are already worrying about how to stretch their money from Dezemba to JanuWorry.
Financial planner John Manyike says poor planning is one of the biggest mistakes people make during the festive season.
Manyike warns that going into December without a budget is “financial suicide” as people often spend money they shouldn’t.
Leaving themselves stranded in January with no plan.
Spending trends back this up.
According to Manyike, consumer cash withdrawals peak in December.
He says South Africans withdraw over R81 billion in cash during the festive period.
Manyike questions why people need so much cash. This behaviour often leads to reckless spending.
Another major blunder is neglecting essential payments.
Poor planning for back-to-school costs where parents need to consider stationery lists and even school uniforms