Transform Janu-worry into January:
As the festive season approaches, families and businesses find themselves facing increased financial pressure. It’s essential for both businesses and families to master the art of navigating January. Transforming it into a positive and productive January each year instead of the stress that normally tends to accompany January every year after the festive season passed.
Spending during the festive season:
During the festive season, many find themselves overspending, leading to a booming retail and leisure industry. But how are you doing in the aftermath of all that holiday cheer in January?
Take control of your finances
Mastering your spending throughout the year and setting aside funds for the holiday season can transform your experience from a disappointing end-of-month crunch to a relaxed and enjoyable January. Navigating January will no longer be an issue.
It’s NEVER to late to start!
You might say it’s too late since we’re already in January. January marks the beginning of a new year, making it the ideal moment to plan your finances for the upcoming months. Set achievable financial goals and take proactive steps to ensure that, by navigating through this January, you can avoid the stress of another financial worry next year. Thanks to your foresight.
Exploring MSN News article:
MSN News featured a captivating article about the spending habits of consumers and businesses during the festive season, highlighting the stress and anxiety that often follow in January because of this financial expense. Hence the title of this article, ‘Learn about Navigating January’.
They offered multiple strategies to avoid overspending. One of the solutions offered involves asking employers to grant access to funds that are already available for completed work.
This situation places extra pressure on the employer, who has likely already disbursed bonuses and advanced the January salary. Consequently, they now face the challenge of providing additional income for work that has already been completed, all in an effort to alleviate the financial strain on the consumer. This approach does not provide a solution; instead, it generates challenges for the employer.
I recommend avoiding early salary payments during the festive season. Instead, consider setting up automatic salary payments from the business account, especially if you, as the owner or director, are on leave. This approach ensures that salaries are disbursed at the regular time, alleviating financial concerns for both employers and employees. This solution ensures a win for all involved. In the previous solution, there are no winners—only losers.
70% of consumers overspend during December and end up with troublesome January.
According to the National Treasury, approximately 70% of South Africans engage in excessive spending during the festive season. Social pressure and the fear of missing out on perceived substantial savings during the holiday season drive them to engage in unnecessary purchases.
The data above raises a significant concern, as it reveals that over 70% of South Africans made poor financial decisions during the festive season. If consumers persist in this behaviour, we anticipate a substantial annual increase in the number of individuals facing financial difficulties.
It’s January already, and the festive season has wrapped up! Now you might be feeling a bit stressed about navigating the year ahead, especially after all the spending during December and Black Friday. Are there any other solutions besides taking precautions during the festive season?
Finding solutions for overindebtedness in January.
We are very privileged in South Africa to have several solutions available to overindebtedness. For the purpose of this article, we will list solutions.
We do, however, encourage you to contact us to assist you with a free assessment. You have absolutely nothing to lose.
You will find answers from experts and solutions, and should you decide against any of the solutions provided, you will at least know what it entails should you decide to opt for one of the financial solutions in the near future.
You’ll be able to make an informed decision regarding your financial situation, which is one step closer than you would have been if you hadn’t inquired whether we can help you or not.
DEBT RELIEF SOLUTIONS INCLUDE:
Administration Application:
If the total debt is less than R50,000.00, this might be a solution for you. However, no vehicle finance and bonds form part of this process. Therefore, the total debt, apart from the bond and vehicle finance, shouldn’t exceed R50 000.00.
Debt Review Application:
There is no debt threshold applicable, and vehicle finance and bonds will form part of this process and will be included in one consolidated monthly installment via a distribution company accredited by the National Credit Regulator. When choosing this solutions, we recommend you choose an NCR-accredited service provider to assist you herein.
Sequestration / Insolvency / Declaring Bankruptcy
This solution is very drastic, but if the total debt surpasses your assets, you are a great candidate for this process. This process allows for the bulk of the debt to be written off and the remainder to be settled interest-free over a period of 18–24 months.
In conclusion, this article presents various solutions, such as declaring insolvency, bankruptcy, or sequestration, referred to as insolvensie, bankrotskap, or sekwestrasie in Afrikaans.
How can I find the right debt relief solution for me?
Additionally, grasping each process along with its advantages and disadvantages is crucial to ensuring you select the right solution. Connecting with a service provider that offers a comprehensive overview of all debt relief solutions in one place can be extremely helpful.
Find an Expert!
It’s important to have a debt relief and rehabilitation expert by your side to guide you through this process. This approach guarantees the success of the debt relief solution you decide to pursue.
Take charge of your finances, and Navigating January will never be necessary again!
In addition, we determined that those who take charge of their finances and plan in advance can confidently face January each year without any concerns. Strategic planning is essential for achieving financial freedom.
We recommend that you use an expert to assist you herein.
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.