Data from FNB recently revealed that most South Africans, in the lead-up to and during the Easter period, tend to spend more on general shopping, flights, accommodation, home DIY, restaurants, and clothing and apparel.
But the numbers can add up quickly, and, when the celebrations wind down, the reality of overspending can hit hard.
“Reality [after a heightened period of shopping and spending] can feel like a financial hangover.
When the excitement of the season wears off, you might ask yourself: “Why did I spend so much money?”
This is followed by a flurry of physical symptoms such as self-blame, guilt, and self-isolation brought on by the shame of your newfound financial situation of being further in debt, according to FNB retail collections executive head Patricia Temba.
While these feelings of regret are normal, it’s important to quickly move to a space of self-empathy and use them as a springboard for action and corrective measures to ensure that you can regain control of your finances and effectively manage your money moving forward.
Experts at FNB Integrated Advice and FNB Collections have collated a series of invaluable tips to help you regain control of your finances and actively manage your debt in the weeks following Easter.
During holiday periods like Easter, it is common for many to feel social pressure to spend on travel, buy gifts, or host family, even when money is tight.
That said, remember that it’s also possible to find a way back to a more balanced financial situation.
“Creating memories that matter is normal, and so is the financial cost that often comes with that.
“As a financial institution, we understand that spending time with family is incredibly important, so we don’t look at this from a judgemental point of view.
“In fact, we want to support our customers by walking them back as they rebuild their financial confidence,” says Temba.
When assessing your financial situation, it can be tempting to look the other way and choose denial of your financial situation.
However, your ability to face your post-holiday reality head-on can mean the difference
between drowning in debt and coming out of your situation in a better position.
“List everything, including your debts, monthly obligations, and upcoming expenses,” says Lethukuthula Ngcobo, product manager at FNB Integrated Advice.
“Realise that clarity is empowering. Seeing it all in front of you might seem scary at first, but it’s equally important, as it gives you a concrete lay of the land and helps to kick your brain into problem-solving mode.”
What you want to avoid, now that the holiday high is over, is continuing to make bad decisions with your money.
You don’t want to put yourself into further debt just because you’re trying to stay afloat.
And now that you know what you’re working with in relation to your upcoming financial obligations, budgeting can bring you a much-needed sense of calm and control.
“It can be tempting to dip into tools like credit cards and personal loans to make up for your financial shortfalls after a high-spend period. However, this will likely only lead you into a spiral of debt that is harder to break.
“As such, financial discipline is critical, as it will help you set the foundation for longer-term stability.
“Most people erroneously delay proactively reaching out to their creditors when they are struggling.
“However, sitting around and merely hoping that things will improve is often not the best approach. “Not talking to your creditor or financial institution can lead to penalties and default listings,” says Temba.
Additionally, Ngcobo believes that due to the deeply psychological nature of money matters, feelings of shame and fear of judgement leave many to keep their financial issues to themselves.
“If you’re feeling overwhelmed, it’s even more important to speak to your lender. You’ll find that contacting your financial institution and explaining your situation will feel more like a relief than a confrontation. There’s no shame in reaching out because we’re here to offer solutions, not obstacles.”
