Consumers warned not to overspend over Christmas holidays
Consumers will brave long queues to buy gifts for family and friends, but pay the price for spending, later on.
CAPE TOWN - As the holiday season hits full swing, it's not just beaches and roads that have the potential for danger.
Shopping malls can also leave you with a bad January hangover and experts are warning consumers not to get too carried away this festive season.
Consumers will brave long queues to buy gifts for family and friends but pay the price for spending later on.
Economist Dawie Roodt said during the festive season, people tend to overspend.
He said it was important to plan and budget.
“You have to know what’s going on in your finances and how much money is in your bank account; just know. Plan ahead on how much money you’re going to spend on whatever and put it on a list – it’s called a budget.”
Roodt said the country's economy wasn't doing well and some companies were not giving employees bonuses.
“You have to include that in your planning and how you’re going to get around it. But if you can’t [afford something], you can’t. Take responsibility.”
Clinical psychologist Cathy Angus said some people often feel obliged to buy Christmas gifts.
She said for some, it might be a stressful and expensive exercise.
“When we get to January, you get into a situation where you have to pay your bills and there are a whole lot of other costs that come in that aren’t there every month.”