Although you might think it sounds somewhat strange coming from us here with the festive season almost done and the extra demands it puts on your finances, we don’t recommend taking out a loan for the purposes of buying presents or putting a large spread of food on the table over Christmas.
Our duty to you as a responsible lender
Even the specialists at Wonga (a website who specialise is providing small, fast loans) are making a point of primary interest in making sure that the general public in South Africa and around the rest of the world improve their financial awareness and their financial health. It’s all part and parcel of being a responsible lender.
Borrowing money should always come as a last resort. The payday loan products that we offer here at Wonga are designed to help out when unforeseen emergency expenses come along like unexpected car repair bills for example.
But Christmas is not unexpected, and if you can manage to plan your finances accordingly, you should always try to set enough money aside out of your disposable income for buying presents and extra food and drink. In other words use cash, not credit; and by that we mean don’t run a big bill up on credit cards either.
The key to good borrowing
The key to good borrowing is in understanding what you’re getting yourself into and knowing that you can comfortably cope with the repayments.
Christmas is a time of good cheer and goodwill to all. But that goodwill works both ways and if your friends and family know your finances are limited, they won’t expect you to spend money that don’t really have on presents. Okay no one wants to be considered to be like Ebenezer Scrooge. But old Ebenezer wasn’t tight because he didn’t have any money. Far from it – he had boatloads of the stuff. His crime was that all he wanted to do was to hoard it.
People will understand if you’re financially challenged so the key is – don’t live outside of your means.
More ideas on financial survival over the festive Season
For more ideas on how to budget for and survive your way through the festive season without bleeding the piggy-bank dry, take a look at the article published on the Moneyweb website. It records highlights of an interview between Moneyweb’s Siki Mgabadeli and Wonga SA’s Chief of Product, Craig Whittaker.
One very useful tip that comes out of the above mentioned interview with Craig Whittaker is in relation to keeping a check on your spending. Craig says that he uses an app called “Wally.” This app enables you to record your purchases on your mobile as you are paying for them. It’s a great way of keep tabs on your spending over Christmas. But you can also use it all year round too. It’s an excellent habit to get into and one which can actively help to ensure you keep fit and healthy from financial view point.