The idea of budgeting can seem intimidating but in its simplest form, budgeting is telling your money where to go. The festive season comes with a lot of celebration and spending, particularly with the many specials and discounts on offer. Budgeting or spending wisely becomes a true test of one’s discipline during this time but there is hope to set your new year on the right track with these tips.

Prioritise your needs

To prevent an uncomfortable holiday and New Year, set aside the funds you will need to cover your necessities. Needs are the things you can’t go without which generally include food, water, housing and basic clothing. Whatever you identify as your needs, ensure that you accurately and honestly budget for them.

Budget for the fun parts

You have to remember you are human and you still want to enjoy the festivities of the holidays.

Whether it is a holiday trip, a gift for yourself or nights out with loved ones, make sure you include those funds within your budget. You want to end your year on a good note and feel refreshed and rewarded going into the New Year.

Keep track of your spending

Once you have done your budget, you now have to keep track of it. The FNB App has made it easier for you to track and manage your account. You can easily view your balances, change spending limits and transact anytime. These tools are really meant to give you better control over your money and avoid the shock of hasty spending.

Don’t overwhelm yourself

with credit

Taking up credit is a big decision and should be done with an informed mind. Saving up and paying for something in cash is ideal, but there are instances where credit is required.

Understand the terms and conditions of the credit facility you are getting.

The beginning of the year can come with

new goals that we set for ourselves such as going back to school, buying a house or saving and investing more. If you have a financial goal that requires credit, make sure to get a quote first, to understand the interest you will be paying and the full amount you will be paying on a monthly basis. Don’t feel pressured to sign a contract you don’t understand.

If need be, take it home to read and ask questions where you don’t understand. Avoid over committing yourself and putting yourself under financial strain.

The end of the year should be a time when you unwind and get yourself ready for the New Year. Telling your money where to go can give you a positive

start to 2023

The end of the year should be a time when you unwind and get yourself ready for the New Year.

Telling your money where to go can give you a positive start to 2023 so make sure to plan wisely for how you spend your money this holiday.