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Many people will be getting paid early this month as they prepare for the holidays.

A fortunate few will also receive 13th cheques or bonuses from their employers.

But financial planner Paul Roelofse warns that bonuses and early December payments should not be spent before creating a budget.

He says January expenses need to be taken into account before money is spent over the holiday period.

The costs of January should come out of your paycheck now.

Paul Roelofse, Certified financial planner

These are five key questions on Roelofse's checklist:

  • Have you made an informed decision about your medical aid for next year?

  • Do you have sufficient funds in your account for debit orders come January 1st?

  • Have you set aside money for January expenses, including school fees?

  • Have you had a valuation of your property for your home insurance?

  • Is your car valuation up to date with your insurance provider?

We don't want to come back to January with surprises.

Paul Roelofse, Certified financial planner

Listen to the expert financial advice:

This article first appeared on CapeTalk : 5 questions to ask yourself before blowing your early December paycheck

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