10 TIPS ON MANAGING MONEY DURING THE FESTIVE SEASON…

10 TIPS ON MANAGING MONEY | BLACK FRIDAY | FESTIVE SEASON

In this piece we’re going to have a look at the average monthly income of a person.  10 Tips on managing your money are a must. With the festive season fast approaching it’s that time of year again where it is essential to manage your money. 

According to an article listed in the latest business report the average netto (take-home) salary in 2024 in South African is R14 969.00 per month. 

Shergeran Naidoo, the head of stakeholder engagements at BankservAfrica says that the average netto (take-home) monthly salary is R14,969.00.

When you factor that in, a portion of this revenue goes towards covering monthly necessities. Examples of monthly expenses include rent, utilities, vehicle payments, fuel, groceries, and additional day-to-day costs. This begs the most important question. 

Among the 10 tips for managing your money, budgeting is the most crucial aspect to consider. This is super important. A budget typically consists of your monthly income and expenses.

There is absolutely no way in this world that a single household can survive on this salary.

Even though it is great news to see such an increase in income in South Africa, it is clear that a household, or a couple with children, cannot survive on one income.

The days of the spouse or partner staying at home and not earning an income are over.

There are very few households that can afford it. Keep in mind that when the household income is insufficient to cover the basic needs for survival, it creates a cash flow problem.

When cash flow problems arise, the first thing people do is:

Apply for a credit card, an overdraft, or both, just to cover those unexpected expenses or so-called emergencies.

Warning: 

You’ll find yourself in serious financial trouble before you realise it. You are facing financial difficulties, not due to reckless spending. Just trying to make ends meet was all you were attempting. 

The aim of focusing on 10 tips on managing money is close to our hearts. Because we deal with businesses and individuals struggling with managing money.

We see the trauma and the heartache of financial difficulties on individuals and families firsthand. Dealing with financial hardship is no joke. The festive season is really tough for everyone and the temptation to overspend is real.

By taking responsibility for your finances and using these 10 tips to manage money, we hope to instill the values necessary to insure financially stable individuals and businesses in the near foreseeable future.

By teaching People to learn to live on the money they make instead of focussing on what they want instead of what they can afford. Everyone taking these 10 tips on managing money seriously, will experience financial freedom.

Read more on our 10 tips on managing your finances below:

  1. Always budget, no matter how big or small your income is.
  1. Don’t get credit if you’re struggling to make ends meet.
  1. Save money if you want to buy something.
  1. Buy bit by bit. Instead of buying a new cupboard clothing every season.  Buy one or two garments of clothing every month.
  1. Try and find the best deals; do your research before purchasing anything.
  1. Impulse buying, also known as retail therapy, is not acceptable. This is only going to make things worse in the long run.
  1. Don’t go for the brands; if you’re already struggling financially, brand buying is never the best idea.

For instance, if you pay R3,000.00 for a pair of ADIDAS Running shoes, you’re only going to be able to buy the shoes.  However, if you purchase a decent pair of non-branded running shoes, you may be able to purchase the entire running outfit for less than R3,000.00.

  1. Go thrifting. Thrifting has become a global phenomenon and is currently sweeping through South Africa.

If you want good-quality clothing without paying an arm and a leg for it, buy secondhand. You get the brands and reasonable prices, and sometimes it’s still brand new. If you don’t inform others, they won’t even be aware of it.

  1. Save save save: Put some money away every month, even if it is as little as R10 or R20.  It might not seem like much, but as you accumulate more money, you can increase your savings. Before you know it, you’ve got yourself a little nest-egg.
  1. Finally, ask yourself this one crucial question before buying anything: Is this a NEED or a WANT?’ By asking this question, you can ascertain whether it’s a luxury item or just a necessity.  This will assist you in making informed purchasing decisions.

Let’s delve deeper into these 10 tips for effective money management: Should you truly buy into these 10 tips on managing your money, you’re asking the difficult questions. You’re saying NO to debt and financial difficulties. These 10 tips on managing money are a step in the right direction.

WHAT IS THE RIGHT DIRECTION?

The right direction is financial freedom. Your peer group might look at you strangely for buying your clothes at thrift shops or for not replacing something immediately that broke.

However, it’s highly likely that they will seek your advice in the near future, and that’s a given.

You’re going to be thriving because you learnt to make a living with no debt and little income, and now that your income is much larger, you can afford all those things you longed for.

That does not mean that you’re going to buy them just because you can afford them. These 10 tips on managing money effectively will stay with you always.

You might not shop at thrift shops anymore and might buy those brands now because you can afford them, but by following the basic principles highlighted in these 10 tips on managing your money, you will never encounter any financial difficulties.

What are the principles outlined in the 10 tips on managing money?

  1. Don’t buy something if you don’t need it.
  2. Don’t buy just to fit in.
  3. Don’t buy impulsively.
  4. Always save part of your income monthly.
  5. Do your research and always find the best deals.
  6. Stay away from debt.

In the shadow of our struggles, we feel the weight of emotional scars and the deep heartache that intertwine with the burdens of financial strife. Reach out to the seasoned warriors of finance management at Insolvency Care, where hope and guidance await you. Not everyone gets the chance to embrace the wisdom of the 10 tips for mastering their finances.

If you find yourself already in a situation where you’re struggling to service your monthly obligations. Don’t hesitate. Call Insolvency Care today. We can help you regain control over your finances.

Disclaimer: The article is for informative purposes only. It does not serve as legal advice, nor is it intended as such. Please speak to our attorneys before relying solely on the information herein to make any decisions.