The festive season brings about festive cheer, shopping, and cherished moments. It’s also about spending quality time with friends and family, some of whom we have not seen all year round. It means many of us spend money on gifts to spoil our loved ones in the spirit of giving. Although gifting and spending on extra expenses is bound to happen, you need to be savvy about what you spend on, so you don’t find yourself in an uncomfortable financial situation.
As your financial partner, Standard Bank advocates for wise spending and has various personal lending options suited to your needs to make your financial burdens easier to manage over this festive season.
Paying off overdue household expenses or spending on a family holiday is possible this festive season because Standard Bank’s personal lending offerings help you to get credit prudently.
One way to continue ticking off your expense list, is through applying for a loan from Standard Bank to give you enough breathing room to spend on your loved ones. Being approved for a loan requires you to be responsible in planning ahead when it comes to paying it back. By doing this, Standard Bank will ensure your ‘now’ doesn’t get in the way of your ‘next’.
Getting a loan over the festive season can help you plan for any unforeseen situations that will require your attention when it comes to finances. Once your loan has been granted, you need to remember the following tips:
Pay your debts: Regular debt repayments show you’re capable of managing your financial budget. While you only need to pay the minimum instalments on your loan, paying a little more every month is best to minimise your loan repayment term. If you do fall behind on repayments, alert your bank so they can assist you with getting back on track as soon as possible.
Lose what you don’t use: The less credit against your name, the lower your financial risk. Try to close all accounts you’re not using after the festive season, so you can minimise on unnecessarily and impulse spending on them.
Know your rating: South Africans can check their credit scores on the TransUnion website for free once a year. This will keep you up-to-date with your credit score and empower you to take ownership of your spending.