Most short-term debt is simply a lack of planning. So, this year, instead of taking on more credit, plan for those money moments by starting a contingency fund in a high interest savings account.

If you are planning a holiday this year, create a proper budget to work out how much it will cost you. Then calculate how much you need to be putting away into your contingency fund each month to reach that goal.

If you support extended family, rather than being an ATM, discuss what expenses they will be incurring that year and how much you are prepared to commit towards those expenses. And then save towards it in your contingency fund.

If you want to buy a car calculate how much you will be spending on repayments, petrol, insurance and maintenance and make sure you can afford it. Remember the type and value of car you buy will affect all of those costs. Never use short-term microloans to pay the deposit – you can save that amount in just a few months. For example, if you save the value of your future monthly car repayments you should have a 20% deposit saved in just four months and then finance the car over no longer than 48 months.

If you want to buy a home, you will need a lot more than the bank’s required 10% deposit. There are many other costs you will have to cover like municipal deposits, legal fees and moving costs. If you save your future mortgage repayments in a contingency fund, you could build up a 15% war chest within 15 months. Do your research, budget and plan so you don’t start homeownership with short-term loans.

Plan for those money moments. It will save you more than a #BlackFriday special.