The rise in the cost of petrol, food and electricity will have an effect on the wallets of South African consumers; therefore, you should not be tempted to overspend in the new year.
As people face tough financial times, avoid getting into further debt or falling into the debt trap.
Here are 5 tips to stop you from overspending:
1. Focus on your needs, then look at the wants
Create a list of items that are needed and prioritise those items when you go shopping. Your wants, such as luxury items, are secondary.
2. Have a budget
Having a budget and planning what you can afford will stop you from being tempted into overspending. Make sure that your budget covers your expenses and has room for your savings.
3. Shop online
Switch from shopping in-store to start shopping online. While there may be a delivery fee attached, online shopping will help you stick to your list of needs and avoid impulse buys.
4. Do your research
You should do your research and compare prices to make sure that you are getting the best deal. You can use sites such as pricecheck.co.za to compare prices from different retailers.
By doing the research, you can plan properly instead of driving from place to place and not finding what you are looking for.
5. Use your loyalty rewards
You may have some points, discounts or cash-back offers from the loyalty or rewards programmes that you’ve signed up for that are due to you.
