With increasing inflation and the threat of another interest rate hike looming, budgets remain tight for many SA households. The entertainment budget is usually the first to go when looking at how to cut down on expenses.
Thankfully, there are many affordable ways to entertain from your home. Regional director and CEO of RE/MAX of Southern Africa, Adrian Goslett, says that while homeownership can be expensive, it remains a great long-term investment strategy for those who prioritise their expenses and find ways to pay back their home loan faster.
“Once the home is paid for, the financial burden eases, and the homeowner can fully enjoy the capital appreciation benefits that come with homeownership,” he notes.
But finding the necessary funds to keep up with the repayments can be challenging. When reviewing your monthly expenses, Goslett recommends looking closely at the non-essential items on your budget, typically including eating out, buying tickets to a concert or show, shopping bills for non-essential items, and more.
To help homeowners cut down on their entertainment bills and leave more room in their budget to keep up with their home loan repayments, RE/MAX of Southern Africa shares some ideas for entertaining at home:
• Host a bring and braai.
• Invite friends and family for a games night.
• For those with a pasta machine, host a make-your-own pasta evening as an affordable and fun way to feed your guests.
• Host a paint-and-sip evening at home. Ask each guest to bring their favourite bottle of wine, supply some large sheets of paper, and challenge them to get their creative juices flowing.
• For exercise enthusiasts, invite friends for an online workout together.
• Throw a themed dress-up dinner party.
• Grab snacks, pick a movie series, and host a movie marathon evening.
• Create a food and drink pairing using your favourite combos (like coffee with chocolate or cheese with wine) and invite friends to enjoy the curated experience from the comfort of your home.
“Finding more affordable ways to keep yourself entertained can go a long way towards getting your finances under control.
“As difficult as it may be, practising financial discipline to prioritise your home loan repayments over other expenses will lead to far greater financial freedom in the long term,” Goslett concludes.
