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After the free-spending festive season, many people will find they have ‘month left over at the end of their money’, especially if their December salary was paid in earlier than usual.
Lizl Budhram, Head of Advice at Old Mutual Personal Finance, says there’s hope for those who take action in December to avoid the money stress of January.
“Many South Africans experience the stress that comes with the new year after having made poor financial decisions in the festive season. However, too few of us understand that avoiding this pain comes down to making smart money choices in December, and consistently throughout the year,” says Budhram.
“Remember your relationship with money also affects those around you, in either a good or a bad way. If your money is a source of stress, you may pass that stress on to your loved ones, which is not the ideal way to kick off a new year.”
So if things get tense when it’s time to open your bank statements, it could mean that you’ve fallen into a bad relationship with your money.
“There’s even an illness, Money Sickness Syndrome (MSS), caused by financial worries. It displays all the symptoms of anxiety and depression, and can be as debilitating. To prevent it, you need to make responsible decisions and avoid accumulating debt.”
That’s worth remembering during the festive season.
Budhram offers the following 10 tips to help you avoid Januworry.