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Tis' the season to be jolly but don't waste money.

The December bonus or salary should be able to carry you through to the end of January 2020.

A little cautious spending and saving could save you from a lot of financial constraints, discipline is the secret ingredient that is often ignored.

Old Mutual head of financial education John Manyike says one must not go into the festive season without a budget.

He adds that there will be plenty of invitations for parties, you need to choose which ones you can spend money on.

Manyike explains what leads people to overspend over the festive season.

There is this mindset that I need to reward myself, it's been a long year and a challenging year and let me reward my self.

John Manyike, Head of financial education - Old Mutual

The other issue is that we cannot withstand the pressure to spend because of the atmosphere, we are surrounded by people who just want to spend.

John Manyike, Head of financial education - Old Mutual

Also because we don't have a plan on what do to with that money during that festive season.

John Manyike, Head of financial education - Old Mutual

According to Nedbank research, a total of R44 billion is collectively saved in 820,000 stokvels in South Africa annually, with more than 11 million South Africans being members of stokvels.

Finance professional and author Palesa Lengolo says before you start a stokvel you should decide why you want to save in a stokvel.

Most people want a payout in December because they have planned on what they want to do with it.

Palesa Lengolo, Finance professional and author

Stokvels work well if you are patient enough.

Palesa Lengolo, Finance professional and author

Listen to the full interview below...

This article first appeared on 702 : 'Do not go into the festive season without a budget,' says financial adviser

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