Tips to assist consumers to spend wisely during the festive season:

-       Draw a budget for the month and include all debt, rent, electricity, water, insurance, transport, gifts, entertainment, etc;

-       When going shopping, have a shopping list to avoid buying unnecessary items;

-       If you didn’t budget for a holiday earlier in the year, it might be too late and risky in terms of finances to go on holiday this year;

-       Prioritise your home loan and rent;

-       Before you cancel any insurance, speak to a financial advisor;

-       If you borrow money, make sure you borrow only for what is strictly necessary, and ensure that you can afford the repayments;

-       Start saving for next year’s projects that you would like to undertake such as holidays, renovations, studying, big sales, etc;

-       If you are battling with your debts, contact a registered debt counsellor for assistance; and

-       As much as possible, during the festive season keep to your normal spending patterns. Don’t make drastic changes that may leave you over-indebted in the New Year.