Cape Town - The first month of the year is always a tough month financially as the festive season overspending hits consumers' wallets as well as looming expenses such as school fees.
“The sooner you get a hold on your finances, the easier it will be to start 2017 financially afresh,” says Eunice Sibiya, head of consumer education at FNB.
“This means making some tough decisions as early as possible, starting with the first month of the year.”
Take stock
Hopefully you managed to keep within your budget and use your savings to get through the festive season unscathed. But, if you have been overspending, now is the time to assess the damage and understand where you are financially.
“The best way to do this is to go through your bank statements,” says Sibiya. “Every transaction will be recorded and you will quickly be able to see where you have overspent or if you have kept within budget.”