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Balancing Finances

- Kaelo

December is a month of excesses and can burn a hole in the pocket. Avoid Janua-Worry through these tips.

Exercise discipline and avoid overspending by budgeting carefullyKaelo Lifestyle, administrators of Wits University's Employee Assist Programme, offers suggestions on how to manage finances this season.

One word that can help protect your financial well-being this festive season is discipline! Year-end is a notoriously expensive time with holidays, festivities, gifts, entertainment, and transport all eating into your wallet.

Getting swept up in festive fun may tempt you to blow your budget and splurge, but that will only make New Year and January become Janu-Worry. Resist the temptation to break the bank and rather use your money to reduce your debt and prepare for a healthy financial year in 2024. Here are some tips to keep you on the straight and narrow…


If you’re lucky enough to get a bonus this December, use it to pay off your debt – like your mortgage bond, your credit card, store accounts or your car loan


If you’re fortunate enough to be debt free, use your 13th cheque or bonus to save for the future – earning compound interest or investing in a tax-free savings plan can help you beat inflation and grow your future nest egg


The best gift you can give your family is a stable financial future. Avoid expensive gifts and holidays you can’t really afford. Rather consider small and personal items – home-made things like framed photos, bath salts, sugar body scrubs, festive wreaths, sweet jars and spiced oils, vinegars, jams and pickles


Prepare a holiday budget taking into account the things you need to buy in January, like higher insurance fees, school uniforms, stationery and related fees – be realistic and stick to your budget!

Remember AskNelson advisors are available to help Wits employees with any financial matters, counselling, legal advice or coaching needs. Counselling services are available free of charge, in all South African languages and can also be used by family members including children and other dependents. 

Tel: 0861 635 766 or dial *134*928#

Send a 'please call me' to 072 620 5699