Public servants warned not to spend wildly over the festive season

Public servants were warned on Monday not to spend money recklessly over the festive season.

People‚ in general‚ have a tendency to splash all their hard-earned bonuses over the holidays‚ only to be confronted by debt in January when they start a new year‚ warned KwaZulu-Natal Treasury head of department Simiso Magagula.

He was speaking to government employees at Chief Albert Luthuli Central Hospital during the Office of the Premier’s Financial Education Summit.

“We want you to live on budget. Make budgeting a family affair. Know that your income equals expenditure. Moderate your spending. If you can’t postpone your desires‚ you have a problem because you will slide into debt‚” said Magagula.

He urged employees to save their salaries in reputable financial institutions‚ such as banks‚ and avoid pyramid schemes.

“Many government employees who have financial challenges have resorted into resigning to cash their pension money. This is not a good decision. That is why we emphasise that people must save for the rainy days‚” he said.