Easter is a big deal for many South African families, and the occasion demands the right kind of action. A big lunch is standard. Going away over the long-weekend is the policy in many households. And eating lots of chocolate eggs is… well, it’s just what you do.
One way to make the holiday even sweeter would be to keep entertainment costs down. Here are three tips to help you save this Easter.
Make your own Easter basket
You have two options, really. You could spend money buying a generic basket that you know will be discarded of once all the goodies in it have been consumed. Or, you could find a basket (or the closest thing to one) at home and make your own version of the ideal Easter basket.
If you’re going with option two, fill your homemade basket with Easter-themed items such as chocolate eggs and bunnies. You could also have a bit of fun and decorate it just how you like it. That way, you save money and make your Easter more personal at the same time.
We all know that trends come and go, a type of music may be popular for a few months and then become stale or a hairstyle may define a generation before disappearing from the streets. One thing that hasn’t shifted styles over the years is how to manage money well. People who’ve done it right have tended to do most of the same things when managing their money. Here they are, and they’re worth trying.
Know where you stand
Before you can come up with any sort of financial plan, you need to know where you stand. What’s your income? What are your expenses? Do you have debt and, if so, what’s the interest? Do you have investments? Facts are the foundation of any strategy so relax, focus and get them.
07 December 2015 - With the festive season drawing closer, South Africans are already planning for the holidays. With pricey family gatherings and Christmas shopping on the cards, it’s important that consumers make wise financial decisions.
This is according to Craig Whittaker, Head of Product at Wonga SA, who offers the following festive season advice to consumers in order to limit their financial strain going into 2016:
When it comes to managing your money, working without a budget is not likely to lead you to financial security. Your debt situation won’t improve, your savings won’t grow, and you’ll miss out on the feeling that you can take care of a crucial part of life.
Having a financial game plan makes you focus on the way you use your money and helps lay the ground work for a bright future. This might seem daunting at first, but if you manage to work your plan, the rewards far out way the effort.
How much is coming in?
Knowing how much money you’re taking home every month (from all sources of income) is the first step. Remember, you need an accurate figure if you’re to make a budget that works. Calculate your net income, i.e., the money you are left with after each payday after all taxes and deductions. This final amount will help you tweak your expenses, and determine how much you can realistically save.
Have you ever sat down and considered the affordability of your debt and whether the money you are borrowing is good debt or bad debt? How much thought do you put into the cost of that debt and whether there is a better alternative? Do you ever sit down and actually work out how much everything you borrowed would cost to pay back over its total term and do you ever just pay extra off to reduce the term and cost of your debts?
It’s no secret that at some point we will almost all need debt in one form or another. The first step to effective management of debt is understand the ‘good’ and the ‘bad’. These good debts are often perceived entirely differently from bad debt, like buying a home or paying for a university education.
29 July 2015 - The second annual Wonga customer survey has shown that a greater awareness and understanding of how money works is much needed to get on to the road to financial wellness. More than 18 000 customers responded to the survey which was conducted in May this year, many admitting that saving remains a massive issue.
Wonga SA CEO Brett van Aswegen said the results of the survey weren’t surprising given the general consumer behaviour around saving and budgeting in the market. “It is imperative that consumers are educated about the various issues related to credit and to get financially fit to avoid getting into debt. Savings help prepare for unforeseen emergencies, but too many consumers don’t have the additional financial means or the discipline to save.”
19 May 2015 - After an extensive investigation, Wonga SA has ascertained it is being used as a front for an elaborate phishing scam that has seen some consumers out of pocket after falling for the false notifications.
Consumers have become vulnerable to the SMS and email messages with many making contact with the rogues, handing over personal information details in the belief that they were dealing with Wonga. Wonga reported the scam to the police at the very outset and more recently, escalated it to the Hawks for further investigation and prosecution.
At wonga.com, as part of our commitment to responsible lending, this month we want to challenge you, our customer, to start a savings plan if you don’t already have one.
Our challenge to you is to try and save 10% of your salary each month and not touch it, unless you have a real need for the money due to a financial emergency. And no, we don’t mean for that ‘awesome’ pair of shoes you saw in the mall yesterday or the latest game release on Xbox.