How to ease your January financial blues

The Credit Association of South Africa (CASA) is urging consumers to make informed, responsible credit decisions by borrowing only when necessary and only from providers legally registered with the National Credit Regulator (NCR). 

January is often a difficult month financially, and knowing how to manage your money and credit can help you stabilise your finances for the year ahead.

Factors such as holiday spending, travel, social events, school costs, and ongoing family commitments can leave many households stretched in January. 

“Credit can be a helpful tool, but only if used safely, responsibly, and through registered providers who comply with the law and protect consumers,” said CASA chief executive officer Leonie van Pletzen.

These tips serve as a guide to help you protect your financial wellbeing:

1. Create a realistic January budget

   Plan for your essential expenses: school fees, food, transport, household bills, debt repayments, and any outstanding start-of-year costs.

2. Only borrow if you can afford to repay it

   Before taking credit, calculate your monthly repayment and check whether it fits comfortably into your budget after covering your essential living costs.

3. Borrow only from NCR-registered credit providers

   Your safety matters. An NCR-registered provider must follow the law, explain all costs, and treat you fairly.

4. Prioritise essential expenses first

   Make sure your household bills, school fees, transport, and food budget are covered before considering any other spending.

5. Read and understand your credit agreement

   Before signing anything, make sure you clearly understand:

   the full interest rate

   all fees and charges

   repayment dates and instalment amounts

   penalties for late or missed payments

   Never sign a contract you do not fully understand.

6. Protect your personal documents and banking information

   A legal credit provider will never ask to keep your identity document, bank card or South African Social Security Agency card. If this is requested, walk away immediately — it is illegal..

Did you know? 

CASA is South Africa’s leading association representing responsible and professional non-bank credit providers. CASA exists to promote responsible lending, support a sustainable credit industry, and contribute to economic growth and financial inclusion across the country. Contact CASA at info@casa.co.za / (012) 346 1081