By: Lifestyle Reporter
When it rains, it pours. And has it been pouring this year for the South African consumer. A hard lockdown. Shutting the economy down for months. Companies closing. Thousands of jobs lost. Families going without a pay cheque.
Most companies are likely to cite these bad economic times for a lack of bonuses because targets were not met. The storm is here and if you are amongst the marginal in the country who will be receiving a bonus, lucky you, but stretch it so you avoid a blue January.
Do without it
Instead of pulling it into your regular budget, pretend it doesn’t exist. You can’t spend what you don’t have right? Don’t touch your bonus. Resist the urge to splurge and save it for the month of cabbage and beans that approaches.
A fixed deposit or savings account gives you more control. Compare banking options, to weigh which bank gives you a return option that suits you.
The notice requirement on fix deposits will make you think twice before reaching into that 13th cheque. Some banks charge a penalty when you want to access your money earlier.
Plug an important hole
Free up small accounts and lessen the burden of debt come the new year. Pin down your outstanding debt and calculate the feasibility of freeing them off or paying a higher instalment to free up cashflow from your January salary.
And if your Stokvel paid out
Most stokvels that pay out around the festive season are not money-based. If your food stokvel pays out non-perishable goods in quantities that mean you don’t have to buy some food items until March, consider banking your bonus for that rainy day.
Keen to spend your bonus? Here are other smart ways to spend your bonus.
How do you plan to stretch your bonus this festive season? Tweet us your tips using #KayaOnline