by SAVIOUS KWINIKA
JOHANNESBURG, (CAJ News) – SOUTH African consumers must exercise caution and manage money effectively over the festive period lest mismanagement of finances lead them to challenges in 2021.
The advice comes as consumers get ready to kick back and relax following a challenging year.
Coronavirus (COVID-19) and economic crises made 2020 a difficult year for a majority.
Emma Mer, Chief Executive Officer of FNB Loans, said they always expected an upward trend in spending during the month of December and January.
“This holiday season however, more than ever, South Africans need to learn from what 2020 has taught us; you never know when a crisis will hit,” Mer said.
“For that reason, curbing unnecessary use of credit ahead of 2021, is a good money management principle to follow,” the executive added.
Mer urged consumers to review their monthly needs by prepare a budget, finding cost effective ways of kicking back, continuing to save wherever possible and wise use of bonus.
“Avoiding spur of the moment inclinations to spend on credit or tap into a loan can be done with sound planning,” Mer said.
“Remember that this time of the year is about making memories and starting the new year off refreshed and in good stead, instead of having to worry about burden of too much debt,” Mer concluded.
– CAJ News