Meanwhile, consumer credit agency TransUnion warned customers of the top three financial mistakes people make. Jeannine Naudé Viljoen, general counsel at the agency, said not having a budget, not checking credit reports and not saving for the festive season ahead of time were the most common mistakes.
“The best way to save for this season is to use the previous year as a benchmark. From there on, decide if you need to allow more room for spending or cut back a bit. Split the amount you need over 11 months and start saving from the beginning of the year," she said.
Walker also cautioned people against falling prey to mushrooming stokvel scams - and more debt.
“There are as many [stokvels] as there are days in the year. These schemes are nothing but hot air. They are fuelled by getting new investors to join so that current investors can be paid out the promised high returns," she said.
“If people could try have a bit of investment, clearing debt and a bit of fun, they are likely to start 2020 on a good note financially.”