Nicholson says that reflecting on the year can help you identify what worked well and where to improve. “This process encourages a more thoughtful approach to managing your finances, enabling you to align your spending, saving and investing habits with your long-term objectives. Setting and achieving financial goals, whether big or small, will give you a sense of accomplishment and help keep you motivated to achieve financial security and independence.”
This weekend will bring us Black Friday and Cyber Monday – it is the biggest shopping event globally. However, if you have not planned and budgeted for it, don’t go anywhere near it.
Don’t follow the crowds blindly, warns John Manyike, head of financial education at Old Mutual. “The festive season has over the years evolved into a time of high spending – buying gifts, entertaining and even enjoying a relaxing vacation. Black Friday offers a way to save money on these expenses and provides an opportunity to avoid the festive rush, allowing you to take advantage of discounted prices,” he says.
“By planning your seasonal shopping, you can make Black Friday work in your favour. Just try not to deviate from your plan, because that’s when you can run into trouble.”
Marketing typically appeals to your emotions, says Manyike. “Strategies around Black Friday invariably generate fear of missing out [FOMO]. FOMO is commonly known in the financial industry and explains sudden buying surges in the stock market, which can lead to market bubbles. “Emotions such as fear, envy and greed cloud your judgment. You are likely to make better financial decisions if you try to remain rational, objective and emotionally detached. If you buy on credit, you end up paying more, which offsets any discount,” he says.
“Generally speaking, I would suggest that if you cannot afford to pay cash for the item, it’s not worth getting further into debt, because the value of any discount will be gobbled up by interest and finance charges. Exceptions may be on larger items that you were planning to acquire anyway through a credit or financing agreement, like a car; if these are subject to Black Friday special deals.”
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Take stock of your finances this festive plan ahead – expert
If you haven’t budgeted for Black Friday, don’t go anywhere near it.
The beginning of December comes with a lot of excitement. Many of us are looking forward to saying goodbye to “Kwa kind regards” after a long year. Then some will get bonuses.
Another nice thing about December is that most people get salaries much earlier in the month. However, the downside of this, especially if you lack financial discipline is that come January, you’ll have nothing left to get by.
Think about it, if you’re getting paid on December 13, and you usually get a salary on the 25th, your next payday is more than 40 days away. That is a long time and you need strong financial management to ensure you don't struggle.
The festive season also means we’re all spending more time at home, out with friends and family. If you’re at home, it means filling up that pantry and fridge with food. If you’re outdoors, it means spending money on petrol and possibly on food.
JustMoney operations manager Sarah Nicholson says as the year winds down, it is the “perfect time to take stock of your finances and prepare for a successful 2025”. He says: “Planning is essential to close out the year on a high note and lay the groundwork for a financially healthy new year. Taking these steps now will save you stress and money later.”
Tips to help manage your finances well
Nicholson says that reflecting on the year can help you identify what worked well and where to improve. “This process encourages a more thoughtful approach to managing your finances, enabling you to align your spending, saving and investing habits with your long-term objectives. Setting and achieving financial goals, whether big or small, will give you a sense of accomplishment and help keep you motivated to achieve financial security and independence.”
This weekend will bring us Black Friday and Cyber Monday – it is the biggest shopping event globally. However, if you have not planned and budgeted for it, don’t go anywhere near it.
Don’t follow the crowds blindly, warns John Manyike, head of financial education at Old Mutual. “The festive season has over the years evolved into a time of high spending – buying gifts, entertaining and even enjoying a relaxing vacation. Black Friday offers a way to save money on these expenses and provides an opportunity to avoid the festive rush, allowing you to take advantage of discounted prices,” he says.
“By planning your seasonal shopping, you can make Black Friday work in your favour. Just try not to deviate from your plan, because that’s when you can run into trouble.”
Marketing typically appeals to your emotions, says Manyike. “Strategies around Black Friday invariably generate fear of missing out [FOMO]. FOMO is commonly known in the financial industry and explains sudden buying surges in the stock market, which can lead to market bubbles. “Emotions such as fear, envy and greed cloud your judgment. You are likely to make better financial decisions if you try to remain rational, objective and emotionally detached. If you buy on credit, you end up paying more, which offsets any discount,” he says.
“Generally speaking, I would suggest that if you cannot afford to pay cash for the item, it’s not worth getting further into debt, because the value of any discount will be gobbled up by interest and finance charges. Exceptions may be on larger items that you were planning to acquire anyway through a credit or financing agreement, like a car; if these are subject to Black Friday special deals.”
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