It’s not too late to start saving for a perfect December holiday – DebtSafe

By: DebtSafe
 
PRETORIA, South Africa - July 21, 2015 - PRLog -- The “silly season” is almost upon us and although this period is supposed to be joyous, many people stress about trying to give their families the perfect holiday.

DebtSafe (http://pr.debtsafe.co.za/), one of South Africa’s most respected debt review companies, advises consumers to refrain from paying holiday expenses with a credit card.

“However, paying by credit only makes sense if people pay off their credit card bills quickly and in full - with cash already saved up. Otherwise, if credit card bills are not paid in full immediately after purchases were made, the consumer could be paying hundreds of rands extra in interest,” says Wikus Olivier, debt management expert at DebtSafe.

He advises that saving up for a holiday and paying cash, is the best option to establish and maintain healthy personal finances.

Determine the cost and set up a budget

Olivier says people must start taking control of their holiday expenses by setting up a budget including all the expenditures such as fuel, clothes, car hire, travel tickets etc. “Set money aside for daily expenditure and add it into the budget so that the budget is in control,” he adds.

“Put a certain amount of money away every week or month towards a ‘holiday fund’. This way people become committed to save. A good idea is to start by involving the rest of the family and put spare coins in a tin or bottle every week and see how much money have been saved at the end of each week or month. The next step is to put even more cash in the container. People will be surprised to see how much money they can save,” Olivier continues. “Deposit the cash into a saving account every month to earn interest.”

Reduce costs of the Holiday

Another savings tip from DebtSafe is to reduce the cost of the holiday.

“There are many ways to have fun and it doesn’t have to break the bank. A holiday is a luxury; therefore, if you are staying home during the holidays, make a list of fun, free or cost-effective holiday activities for the whole family,” says Olivier. “However, if there has to be travelling involved, book your flights and accommodation well in advance to make use of the large discounts when booking earlier.”

Can a person under debt review go on holiday?

When a person enters the debt review process, they don’t have access to credit cards. Therefore, if someone is desperate for a holiday, they need to save cash and plan well.

Olivier emphasises the importance of setting a budget. “Remember to always add an extra 10% for unexpected expenses,” he says.

How to save money for a holiday?

It is now maybe a good time to cut costs. Refrain from eating at restaurants, take-away food and purchasing new clothes for the next few months.

“Whether it takes a few weeks or a few years; when that dream holiday finally comes, it will be enjoyed far more when goals were set, a plan was followed, a budget is used and updated and consumers have worked very hard to stay out of debt,” Olivier concludes.

Think of saving for a holiday in the following way. For each take away or eating out session that you rather make food at home, you will save enough money for one meal or more during your holiday. If you are going to eat 3 meals per day during your holiday of 7 days, there are 21 meals that you need to cater for. If you usually get take-away food or eat out once a week that gives you about 50 meals you can save on toward your holiday.

Contact
Liza du Plessis
***@debtsafe.co.za
End
Source:DebtSafe
Email:***@debtsafe.co.za
Tags:DebtSafe, Saving, Debt, Money
Industry:Business, Financial
Location:Pretoria - Gauteng - South Africa
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
? PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share