We’ve got tips on budgeting for the festive season while financially protecting your family in the future.
The December holidays are coming up fast and while this should be the most joyous time of the year, the rising cost of living means most South Africans will also be feeling the pinch. Fortunately, we’ve got a few tips on how, with just a little savvy planning, you can avoid a financial hangover come January.
Start by making a list
Father Christmas makes a list (and checks it twice!) – so should you. Create a detailed list of all the things you’ll need to enjoy the holidays, from presents to extra petrol if you’re travelling, and figure out how much it’s going to cost. Knowing how much you’ll need versus how much you actually have can help you prioritise your spending and stick within your budget.
Trim off all the excess
Once you’ve added up the true cost of Christmas, you might want to tweak your budget. Do you really need to have extravagant decorations? Do you have to be a host with the moistest? Does every person in your extended family really need to receive a gift? Things like homemade decorations, bring and braais and Secret Santa gift exchanges can go a long way towards reducing costs and keeping your budget on track.
Track your spending
Once you know what you’re willing to spend, start tracking every cent via an app or simply write it down. If you don’t, it’s easy to get caught up in the holiday spirit and before you know it, your credit cards are doing all the heavy lifting or you’re spending more money than your budget allows. Being aware of exactly where your money is going can help you reign things in fast.
Budget beyond the festive season
While budgeting for the holidays is a must, now’s also a good time to review your overall financial plan. This includes ensuring you have a Will, a funeral policy and life insurance coverage. Think of it as the ultimate gift to your loved ones – financial security in case the unexpected happens. Include life insurance premiums in your budget to ensure your policy remains active and your family is protected, no matter what the future holds.
At MiWayLife, we like to keep things simple. For a monthly premium, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. As an example, you could get R500 000 worth of life cover from MiWayLife from just R164 per month.
All of our policies include an accelerated Funeral Benefit, funeral cover for you and your family, and a Terminal Illness Benefit - all for one premium! The latter gives you the option to immediately claim 50% or 100% of your cover if you develop a terminal illness. Naturally, that’s not something anyone wants to think about over the holidays but it’s something you’ll always want to protect against. And with MiWayLife, you can!
The bottom line
By following our simple tips, you can enjoy a joyous holiday season without the financial burden. Remember, the true spirit of the holidays lies in spending time with loved ones and with life insurance in place, you can enjoy a merry Christmas and maximum peace of mind.
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
