The festive season comes with many temptations such as various marketing campaigns that are aimed at luring unsuspecting consumers to splurge on products and services that are not a necessity. This leaves many consumers out of pocket and barely enough to cope with the many expenses that come with January. 

EXPENSIVE HOLIDAYS TO AVOID SPLURGING ON

For many people, the reckless spending begins when Black Friday drives the entire country up the wall with the promise of discounts. Other expensive holidays include  Reconciliation Day, Christmas, and New Year's Day. People fall into the trap of spending money they don't have, forgetting that January lurks about. Psychologist Zipho Mhlong said while the festive season is a time for people to have fun, it can also be a time of anxiety if people give in to the urge to overspend. "Black Friday is a gimmick used by businesses to maximise profits," he explained. He added that the holidays such as Black Friday create a 'fear of missing out', which leads many into debt. 

UNDERSTAND THE DIFFERENCE BETWEEN NEEDS AND WANTS 

There's a vast difference between needs and wants, so it's important to know the difference between the two. "It's not wise to buy things that you can't afford, so you must assess your budget objectively. Parents also shouldn't spend beyond their means, they should cultivate a culture of saving within their children from a young age," he said. 

AVOID GETTING INTO UNNECESSARY DEBT 

The festive season can often tempt many people to get into debt because they feel the need to impress relatives or friends, but Mhlongo warns against this detrimental habit, she notes that it is unnecessary." Communicating with loved ones and family can be a daunting task, but it doesn't have to. It should be open and transparent," he said.