Debtfree Issue 202312 - DB

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FROM THE DESK NAVIGATING FESTIVE SEASON FINANCES - THIS YEAR, SWIM AGAINST THE TIDE The festive break can be a tempting time financially, starting on Black Friday and extending into the New Year sales with marketers trying to entice consumers to buy, often on credit. Besides the lure of shopping, people are on holiday, entertaining and enjoying themselves. By the time they go back to work and the children return to school, they start the New Year playing financial catch-up.
There are other factors that contribute. Some companies pay employees in mid-December, so salaries have to stretch a monthand-a-half until the end of January. Many employers cannot pay full 13th cheques or year-end bonuses, so consumers have no cushion to cover the extra festive-season expenses. In both cases, many turn to loans to make up the difference. Then there are the post-holiday expenses such as school uniforms, fees and transport, which escalate the financial pressure and can result in people taking on even more debt. This isn’t anecdotal, but a cycle that repeats itself year after year. It’s a treacherous tide, but with some planning you can swim against it. DebtBusters sees enquiries about debt management spike every January and February. This has intensified over the past two years as higher inflation and interest rates exacerbate the situation. Typically, what we see happening in mid-January and extending into February is that consumers find themselves in a pinch and borrow money to make it through until they get paid. The problem is that the repayments on these loans add long-term pressure on households which are only just keeping their heads above water. One unexpected expense or emergency can then result in serious financial difficulty. DebtBusters suggests the following for people wanting to swim against the tide of borrowing this holiday period: Plan ahead: If you get paid early in December, remember you will need to stretch your salary until the next paycheque. Allocate money for living expenses for the full period, factoring in January expenses, before you decide how much to spend on gifts and entertainment.
Page 1 and 2: SPECIAL EDITION WILL 2 0 24 BE YOUR
Page 3 and 4: WHAT MAKES US EXCELLENT? / Unimpair
Page 5 and 6: FROM THE EDITOR End of Year - Yay!!
Page 7: So, enjoy the issue, enjoy the days
Page 11: CONTENTS WILL 2024 BE YOUR YEAR? SA
Page 14: WILL 2024 BE YOUR YEAR? HOW DID YOU
Page 18: WILL 2024 BE YOUR YEAR? IMPROVE YOU
Page 22 and 23: WILL 2024 BE YOUR YEAR? GET OUT OF
Page 25 and 26: WILL 2024 BE YOUR YEAR? THE ANTI-GO
Page 29 and 30: WILL 2024 BE YOUR YEAR? AVOID RUNNI
Page 31: You must realise that you are makin
Page 34 and 35: DEBT REVIEW WHAT IS A COB? A Certif
Page 37 and 38: SAVING FOR A RAINY DAY
Page 41 and 42: SAVING FOR A RAINY DAY WHAT IS AN E
Page 44 and 45: SAVING FOR A RAINY DAY HOW TO DO IT
Page 47 and 48: WHY DEBT REVIEW IS LIKE OPEN HEART
Page 51 and 52: DEBT REVIEW WOULD IT MAKE SENSE TO
Page 53 and 54: BREAKING NEWS
Page 55: WILL TRANSACTION CAPITAL UNBUNDLE W

Debtfree Issue 202312 - DB

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