5 tips to manage debt and finances after public holiday spending

News24

30-04-2025

Reality can hit like a ton of bricks after major spending during long weekends.
List all upcoming expenses and create a budget to help you recover.
There's no shame in asking for help from a financial professional.
The recent public holidays have blessed South Africans with an abundance of long weekends.
But from holiday and shopping trips to days and nights out on the town, we wouldn't be surprised if there's a wallet-sized hole burnt straight through your pocket.
Reality can almost feel like a financial hangover after days of exorbitant spending.
Patricia Temba, FNB's retail collections executive head, explains that 'When the excitement of the season wears off, you might ask yourself 'Why did I spend so much money?', followed by a flurry of physical symptoms such as self-blame, guilt and self-isolation brought on by the shame of your new-found financial situation of being further in debt.'
While feelings of regret are normal, now's the time to practice some self-empathy and jump into regaining control of your spending.
Here are expert tips to actively manage your debt and get control back of your finances:
1.Acknowledge the season's impact on your finances
During holiday periods, many often feel the pressure to spend on travel, buy gifts or host family, even when money is tight. That said, remember that it's also possible to find a way back to a more balanced financial situation.
Patricia says, 'Creating memories that matter is normal and so is the financial cost that often comes with that. As a financial institution we understand that spending time with family is incredibly important, so we don't look at this from a judgmental point of view. In fact, we want to support our customers by walking them back as they rebuild their financial confidence.'
2. Assess your financial situation
It's easy to ignore your finances – avoiding bank statements and unopened bills after the holidays. But facing reality head-on can be the difference between sinking in debt and getting back on track.
'List everything, including your debts, monthly obligations, and upcoming expenses,' says Lethukuthula Ngcobo, the product manager at FNB Integrated Advice.
'Realise that clarity is empowering. Seeing it all in front of you might seem scary at first, but it's equally important as it gives you a concrete lay of the land and helps to kick your brain into problem-solving mode.'
3. Prioritise and budget towards financial freedom
What you want to avoid, now that the holiday high is over, is continuing to make bad decisions with your money.
Financial stress doesn't just impact our wallets – it keeps us up at night, affects our mental health, and limits our choices.
JJ van Wyk, a financial adviser from Momentum Financial Planning, says, 'Financial freedom isn't reserved for the rich – it's a right that all South Africans can and should work towards. And just like our country's struggle for political freedom, the journey to financial independence starts with awareness, discipline, and small, bold steps.'
These steps include building a savings habit no matter how small, investing early and not being afraid to ask for help.
4. Steer clear of new debt
After a big spending spree, relying on credit cards or loans may seem like a quick fix—but it can trap you in a cycle of debt. Staying financially disciplined is key to building lasting stability.
Lethukuthula says, 'To help yourself pause all non-essential spending and steer clear of taking on any new unnecessary debt, ask yourself, 'Can I afford this?' or 'Am I willing to take on more debt to bring me more financial pressure in the long run?' Adding that tiny mindset shift can help you curb stress-induced emotional spending in the moment.'
5. Contact your creditors early
Most people delay proactively reaching out to their creditors when they are struggling. But sitting around and just hoping things will improve is not the best approach.
Lethukuthula also believes that because of the deeply psychological nature of money matters, many keep their financial issues to themselves out of fears of judgement or shame.
'If you're feeling overwhelmed, it's even more important to speak to your lender. You'll find that contacting your financial institution and explaining your situation will feel more like a relief than a confrontation. There's no shame in reaching out because we're here to offer solutions not obstacles.'