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#Januworry | Yires urged not to overspend this holiday season

todayDecember 14, 2023 54 1

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Amid the temptation to spare no expense this holiday season, economists have warned young people to do themselves a favour and not spend more than what they can afford.

Chief Economist at Econometrix, Dr Azar Jammine, has urged young people to reserve money for emergencies.

He advises them to make provision for the essentials first, before splurging on luxury items.

 

The economist has also cautioned young people against not paying their debt amid holiday spending.

A 2023 survey by DebtBusters revealed South African’s are using about 65% of their monthly income to service their debt. 

As interest rates continue to rise, Jammine says putting off payments this season to pay for other things, will only create greater financial struggle at a later stage.

In a climate of job insecurity and a dwindling economy, Jammine is urging young people to save.

Financial Advisor, Buntu Bam, says cheaper gifts and budgeting for holiday expenses could help keep consumers out of the red this holiday season.

Bam suggests spending your Christmas bonus on settling debt or paying off things like school fees.

Written by: Naomi Kobbie

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