Your December survival guide: the spending and recovery bible

LEAVE CREDIT CARDS AT HOME

- SANJITH HANNUMAN

THE festive season has arrived, and with it, the familiar pattern: bonuses hit bank accounts, shopping carts overflow, and credit cards swipe with abandon.

We have all been here before. Yet somehow, January always catches us off guard — that endless month where the tent is due, school fees loom, and the refrigerator seems perpetually empty.

But what if this year could be different?

The uncomfortable truth about our December habits

Recent data reveals a sobering reality: 73% of South Africans planned to spend the same or less during the 2023 festive season, yet household debt-to-income ratios reached 70% — the highest since 2017.

We know we should spend less, but knowing and doing remain worlds apart.

The problem is not lack of information. We are drowning in budgeting advice. The real issue?

One-sixth of South Africans — roughly 10 million people — are three months or more behind on debt repayments or facing legal action. These aren’t statistics; they’re our neighbours, colleagues and perhaps even ourselves.

Why traditional advice fails us

Every December, we are bombarded with the same tired tips: “Create a budget. Make a list.”

“Avoid impulse buying.” These aren't wrong, but they miss something fundamental — they assume we are rational actors who simply need better information.

We are not. We are human beings navigating intense social pressure, cultural expectations, and a financial system specifically designed to make spending feel painless.

The convenience of online shopping and the rise of BNPL (“buy now, pay later”) schemes have made overspending easier than ever, with retailers extending discount periods from single days to entire months.

The December mood: when everything slows down

December transforms the country into a peculiar state of suspended animation.