You’ve returned from holiday feeling rested and happy.  The kids loved the presents, the in-laws thought your turkey was the best they’ve ever tasted, and you’ve survived the drive back home.  And now it’s Back to School time.  New stationary, new school shoes, and let’s not forget the first term school fees that have to be paid.

Kill the Back to School and Christmas Debt.  Usually by mid-January, my Credit Card is cowering in the corner – unable to take one more onslaught! At an average of 20% per annum, each R10,000 balance will cost you R2,000 in fees. That’s R2000 towards your banker sitting on the beach and not you.

3 ways to kill the Christmas Debt

  1. Make a resolution to pay it all off by the end of March at the latest.  Preferably February!
  2. Prioritise your payments – so that you pay off the card first (with the highest interest) and then family members
  3. Put off any expenses you can until March.  Timing is key

Prevention is better than cure.

  1. Make sure you’re saving in August, September and October so that December and January don’t push you into debt.
  2. If you’re very proactive, start buying those presents in those months – not only will it reduce stress, but it will smooth the cashflow.
  3. Set a budget for how much you’ll spend per person… and stick to that or trade with another person’s ‘budget’!

Download our debt worksheet to help you get a grip on your debt