Plans for Easter festivities are likely well under way. As South Africans get ready to host Easter brunches for their families and entertain the young ones with an epic egg hunt, one thing is certain – family time could easily become a pricey affair.
However, before you swipe your credit card for those last-minute Easter treats, take a moment to think beyond the four-day long weekend.
With petrol and diesel prices at an all-time high as a consequence of Russia’s invasion of Ukraine, it is advisable to plan your Easter travels by carefully looking at the dent your transport and accommodation expenses will have on your finances. I would also advise against using credit cards to pay for anything you can’t pay for with cash. To make the most of your credit card, you should not live under the mirage that you can afford things you can’t.
To help South Africans avoid falling into the debt trap this Easter weekend, here are some top tips on saving:
- Budget, budget, and budget. If it hasn’t been included in your budget already, make a special budget for the Easter Weekend by mapping out your needs versus your wants. This will help you to see exactly what to eliminate if you need to make a major cut in your expenses ahead of the holiday.
- Resist the urge to splurge! Whenever possible, don’t buy anything you cannot afford. Studies show that as consumers globally embrace the long-awaited return to normalcy following the pandemic, many consumers will be flocking to retailers to stock up on all their old Easter favourites. Easter gifts, food and confectionery products are anticipated to be among the biggest drivers of retail income this season. Moreover, with many still grappling with the adverse economic effects of Covid-19, consumers are expected to take advantage of Easter specials and bulk buy on groceries and other household essentials.
- A closer destination: The Easter holidays may seem a delightful opportunity to extend your work sabbatical into a super-long break along the coast. But if your pocket does not allow it, a short drive down to a local park for an Easter picnic is also a sterling contender. Since domestic tourism has gained popularity over the past two years due to restrictions imposed by recent lockdowns, people have happily discovered the fun to be had in their own back yards.
- Save on gratuitous expenses by being creative with your Easter activities.
This could include getting everyone to pitch in for the brunch, making your own Easter egg baskets, dyeing your own eggs and finally, for the first time, last-minute shopping is your best friend. If you wait until the last minute, even one day before Easter, you might find that you can get a discount as stores prepare to clear stock.
- Keep an emergency fund as backup. If you incur any unexpected expenses such as a car breakdown during your Easter travels, having an emergency fund can help you. A good rule of thumb when saving for an emergency is to have at least six months of salary set aside.
- Alexanderson is founder of National Debt Advisors
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