Pretoria - It may be the season to be jolly, but KwaZulu-Natal Finance MEC Ina Cronje has urged South Africans to spend their money wisely by resisting temptation to spend what they don't have.
"If you did not save, don't borrow to spend this festive season. People must be aware of loan sharks and easy money that comes sometimes in a form of tempting pyramid schemes. There is nothing like easy money, you must know by now that easy come easy go.
"Do not let your family members, friends and colleagues get you into trouble by exerting pressure on you to buy them presents that you did not budget for, ending up borrowing money that you do not have a plan of paying it back," warned Cronje.
Cronje noted that an average household in South Africa spends 78.2 percent of their disposable income on debt repayment.
"That means that if your family income is R3 000 per month, you are likely to pay R2 346 on debt repayments. It is very expensive to borrow money because you have to pay back the money plus interest and you end up paying more than the money you have borrowed," she said.
She also advised people to take time to decide what they are going to do with the extra cash they get as an annual bonus and/or stokvel payment.
"Let's get into the habit of saving before we start spending," she said.
Cronje wished citizens a Merry Christmas and a magnificent new year.
Nelson Mandela Bay Executive Mayor, Zanoxolo Wayile, urged all residents, holiday-makers and visitors to take normal safety precautions when exploring the many wonders and sites of the beautiful city.
"Our city is still in the midst of a severe water challenge, however, we have a good water use management plan. So please use this precious and scarce resource sparingly and efficiently.
"Our roads are shared by millions of drivers, commuters, passengers and pedestrians - your actions on the road have a bearing on the lives of other road users," said Wayile.
