christmas owe moneyDecember is finally upon us. The year has flown by so fast - it feels like it was January just a few weeks ago! The festive season is seen as spending season and the shopping centres and credit providers encourage this. The shops stay open longer and are very nicely decorated with posters of festive specials and ‘money saving’ deals.
However if we do not face the reality of financial implications that come with the festive season, we would be walking straight into the Festive Money Traps. If we are to survive December financially, a few things need to be done:
Don’t buy on credit – Durable goods with a life span of 5 years at times justify credit purchases, not buying day to day consumables
Plan your gifts/holiday – Failure to plan means planning to fail. Plan out anything and everything that requires money to be spent
Separate your ‘Bill’ money from your ‘Fun’ money – Put the school fees money and such monies away separately. Make sure that by all means possible you spend your money for its intended purposes
Talk to your spouse/family and plan together – If you are a part of family, there should be discussions and clear planning. Do not deny your family certain things because of an inability to plan and manage family finances
Don’t spend it just because you have it!!
Unfortunately for most people the reality of their bad financial decisions only hits home in January. Facing reality today means you walk into the festive season fully aware and financially ready but it means you walk out of the festive season financially well. Be prudent and spend wisely this December. Don’t be the thief of your own joy by spending badly.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit

J.O.M.O - The Joy of Missing Out

Young South Africans in M 001We live in a society that is constantly moving. Some or other activity is always going on somewhere. Unfortunately, for most people being out and on the town means spending money. A few hours of going out could easily cost well over a thousand rand.

For those sitting at home while others are out there’s a condition called FOMO. The Fear of Missing Out. This condition is spreading and people often find themselves out and about. Despite not affording t and all because they do not want to miss out.
While it is very pleasant to go out and have fun, the financial implications are often not considered. So what are the implications and how does one navigate around them?

  • One hour is never just an hour: Often when going anywhere it can be quite difficult to stay a short amount of time. The pressure to stay is so immense that we often stay out past our designated time, the more time out the harder it gets no to spend
  • Play financially hard to get: There will always be other events, parties, picnics or sales. No one ever really lost out by staying home
  • Discipline is key: Knowing what you want now and knowing what you want most. Ultimately your discipline will limit your spending, especially if its unplanned or one is spending because everyone else is
    Planning is important: With the holiday season there is always pressure to spend. Try and plan your time and finances accordingly and well on time. Impulse activity and spending are almost always followed by regret
  • If you can’t afford it say “No”: With spouses, children and family it can often be difficult to refuse spending but “No” is at times a necessary and powerful term that can save you a lot of money and heart ache

Idisciplinemagine waking up and realising that you still have enough money to meet your financial obligations and not have to rely on debt! There is such joy in that feeling! Rather than fearing missing out take joy in missing out. Always remember the money you save today will save you tomorrow. Exercise your joy and say “No” to unnecessary spending.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

Click Here for his profile

Understand what you are getting intoaccount

How often as an individual do you get the famous call from your bank about changing the type of account you have or upgrading it? When the bank does call, the person on the line is trying to convince you to change because you have been pre-approved or you now qualify. It can at times sound very flattering.

Most people are concerned about the benefits of changing their accounts rather than what they are actually paying for it. Different benefits, different colour cards mean different costs and these costs can at times be very high. So what are the most common accounts and how exactly do they work:

  • Savings Account: The most basic of all bank accounts, created to encourage saving. These account has lower monthly fees and allow for limited transactions. Transactions should be kept to a minimum as most transactions will be charged for. For instance some savings accounts don’t allow you to pay for purchases at a till point. Most if not all require a minimum amount to be kept in the account
  • Cheque/Current Account: These accounts generally have higher monthly fees. One can do electronic transactions, internet and cell phone banking and some even have free cash withdrawals and deposits. Most current accounts have an overdraft facility which is credit. These type of accounts often have a rewards programme/system
  • Credit card accounts: A credit card allows you to borrow money or pay for items and services on credit. You then settle the amount at a later stage with interest, which can at times be very high. Credit cards allow you to shop and make purchases online.
  • Transactional Account: Transactional accounts are nothing other than either a cheque/current or savings account where you will have an admin fee and then pay per transaction i.e. every time you swipe you pay a certain amount.

credit cards inside small5There are silver, gold, platinum and black cards available and what account/colour card a person qualifies for depends on their salary. The higher your salary the better the colour - this may differ from bank to bank. Banking is a personal activity and you as a person need to make sure you know your bank charges, benefits and the limits on your specific account. Do not concern yourself with the colour of your card but rather make sure that your account serves your needs for the lowest fee. Paying exorbitant fees just for a certain colour card that doesn’t serve your needs is a waste of money. Bank charges are an expense and just like with spending one needs to be smart enough as not to pay more than one needs to.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit

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Finance on Friday

Personal Financial Coaching with Lesetja Madiba

IMG 3437Lesetja Madiba is a Financial Wellness Consultant and has a B.Comm Statistics.
He discusses Personal Finances live on a Friday during Changing Gear at 17h00.
Podcasts of these talks are also available.
Click HERE  for Lesetja's Profile and contact details.
Click HERE to read Lesetja's latest Financial Advice Blog.

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