HOW TO MAKE YOUR SALARY STRETCH

What’s better: waking up to an SMS from your crush, or waking up to a notification from your bank that you salary has been deposited? It’s a tricky one, we know!

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You might receive that special payday SMS even earlier this month due to the festive season, making it even more important to know how to stretch your salary until January. Don’t worry, we’ve got some tips to help you budget like a pro!

CREATE A BUDGET PLAN
It definitely won’t win the award for the most fun activity of the year, but creating a budget plan is the easiest way to ensure you don’t end up overspending. Make a list of your foreseeable expenses and aim to make it as comprehensive as possible. Don’t skip something just because it seems like a small expense; it all adds up in the end! For December, list all the food, gifts and travel expenses.

Your January budget plan should include school fees, uniforms and stationery. It’s also a good idea to double check your subscription services to see if there are any fee increases in the new year.

SAVE YOUR BONUS
If you’re lucky enough to receive a 13thpaycheck, you might feel tempted to spend it all in one go. Those shoes you’ve been eyeing might make their way to your cart…along with four other pairs and a matching handbag. Hey, you’re only human! But it’s also a good idea to save your bonus, or at least 20% of it.

Mlamuli Mbambo, MD of Ibutho Group and founder of MoneyFundi, recommends opening a fixed or term deposit with as little as 1 000.00 for 32 days to 5 years. This will constantly earn interest, and you will be able to use this as a piggybank for your future.

Many schools give big discounts on school fees that are paid up for the year – if you’re able to allocate your bonus to this, it will minimise your monthly expenses and save you money in the long-run.

TRACK YOUR SPENDING
It’s easy to lose track of your spending, so speak to your bank about activating SMS or email notifications when you swipe your card or draw money. You could also look at the following free budgeting apps to help you:

• 22Seven: this app will help you to see all of your accounts in one place. You can link bank accounts, credit and store cards, investments, loans and rewards cards. The app also categorises your expenses so that you can see where you should cut back.
• Splitwise: want to split expenses with your family over the festive season? Just use Splitwise! Just ensure that it’s downloaded on everyone’s phones – the app will do the rest! 
• Moneysmart: this nifty application will show you how much you can spend on a daily basis after your fixed expenses have been taken into account. If you accidentally overspend, the app will recalculate to make sure you reach the end of the month.

FIND FREE ACTIVITIES
When you have too much month left at the end of your money… We’ve all been there! Make that last little bit of salary stretch by looking for free activities to do with the family. Check out our Date Night On A Budget article for ideas on how you can keep the romance alive without breaking the bank.

USE YOUR JET CLUB GROCERY COUPONS
We all know that the festive season is also the eating season. Make your food budget stretch by taking advantage of your grocery coupons . You can get up to 200.00 worth of savings! Dial *120*333444# to see products on offer.

It’s easy to get caught up in spending spree of the festive season, but as financial advisor James Leisegang says, “No toy or gadget can sustainably compare with the ongoing joy of family relationships and friendships. This Christmas, let’s seek to have quality experiences and quality time.”

Have a blessed festive season, Jet Club Family!