Give your staff the festive season they deserve!

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The festive season is a difficult financial period for many. Overspending and not budgeting properly leave many South Africans facing the repercussions come January. So much so that the term #JanuWORRY was coined as a response. So if you are celebrating this festive season, don’t neglect your budget because January is just around the corner!

Many South Africans live pay cheque to pay cheque and the payday debt cycle debt is a big problem for many employees. With a lot of businesses paying their staff earlier in December, it makes that gap between paydays even longer and the risk of employees looking at alternative funding methods to fund their festivities – or their January – amplifies.

With the festive season fast approaching it is vital to budget properly and not overspend. Here are some of our top tips to keep you and your employees on track this festive season.

  1. Make a festive budget and stick to it

With cheer in the air and holiday fever, it is possible to go a bit overboard. From gifts to food to entertainment, these costs all rack up and once the festive cheer is over, the reality of our overindulgence hits. Look for alternative inexpensive gifting ideas and free and fun activities for the family. It is important to draw up a budget for the festive season and stick to it. Failure to do so will create financial stress going into the new year.

  1. Redeem your rewards

Most stores offer rewards and their cards take over our purses and wallets all year round. It is time for them to pay their dues. We highly recommend signing up for loyalty and reward programmes at all your favourite retailers. They don’t cost you anything to join and they open up a world of added benefits and most importantly, savings!

Most rewards programmes offer exclusive deals to their customers which contributes significantly to everyday savings, however, some offer the added benefits of building a wallet of earned points that accumulate as you spend. We recommend letting your points accumulate throughout the year so that when the festive season arrives, you have a little something extra to help get you through it.

  1. Avoid taking out costly loans

December is undoubtedly one of the toughest months to get through, and there seem to be endless weeks between that pay check in December and when salaries land at the end of January. We understand, sometimes you are in a bind and money is tight, non-existent even however, if possible, we highly recommend avoiding costly loans and loan sharks. By falling victim to their entrapment, you will essentially just be digging yourself deeper and deeper into a debt trap, and no one needs that kind of added financial stress going into a new year.

  1. Give the gift of earned wage access

As an employer, one of the best gifts you could give your employees is financial peace of mind. Paymenow is an earned wage access solution that is fully integrated with your company’s payroll that enables employees’ responsible access to their already earned wages. Better yet, it doesn’t cost your company a cent which means that you can reap the benefits of having less stressed employees which means a more productive workplace.

Our services don’t stop there. The heart of our business is focused around your employees’ financial wellness journey and encouraging socially and financially responsible decision making. Our app takes your employee on a journey through financial education modules designed to help them change their relationship with money and escape debt traps – all while teaching them how to save!

So, it may be too late for 2021, but don’t let that stop you from investigating the earned wage access solution as part of your employee wellness strategy in 2022 and give your employees the gift that keeps on giving!

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