PRACTICAL MONEY SAVING TIPS

Limit gift purchases. Gift your loved ones with books and look through your box of used, but reusable gifts. You can also try to make your own gifts. They’ll be greatly appreciated for being created from the heart. Shop in bulk for December and January. Use available shopping specials during this season. Save on fuel. Consider using public transport wherever possible. Celebrate at home. This will cut down your costs, as opposed to constantly dining at restaurants. Manage your children’s expectations. Make them understand you’re working from a budget that you need to stick to. Leave your credit and debit cards at home.

Whenever possible, use cash instead.

If you’re lucky enough to have a bonus this season, Liberty financial advisor Thabo Thekiso shares a few ways to spend it effectively: Move your bonus to a separate account. This will help you resist the temptation to spend it.

Set up an emergency fund. Understand your monthly responsibilities and that there will always be unforeseen costs. Use your bonus towards investing for the future.

This is especially for parents. Use your bonus to pay school fees, and buy uniform and stationery. This will take care of your children’s future, while your monthly salary is used on other basic financial needs. Consider paying off some of your smaller debt.

This will enable you to shed off some of your shortterm financial burdens.