Bank tips on how to manage money

African Bank opened its first branch last week since its official relaunch as an independent, standalone entity on 4 April at Midrand’s Mall of Africa.

“For African Bank, the opening is significant as it marks the beginning of a new era for the bank. What better way than to simultaneously open a new branch within such a landmark development,” said Alfred Ramosedi, the group’s sales and marketing executive.

“We know it is very tough for many households to budget correctly right now, particularly when surrounded by so many retail offerings,” added branch manager, Thato Modubu.

The bank has tips for consumers to spend responsibly:

• Be careful not to make too many trade-offs to keep up appearances. Looking good on a budget is possible if you spend time shopping around for specials and value-for-money retailers.

• If you don’t have the money for an item, maybe it’s time to rethink whether you really need it, rather than open another retail account.

• Store credit cards can either be your best friend or your worst enemy. If you have no credit or low credit, it gives you a chance to build your credit while still being able to shop at your favourite store. The catch is that you should pay back the balance monthly to avoid paying interest. If you overextend your credit limit you may not be able to pay back your monthly instalments.

• What value means in good economic times is different to what it means in tough economic times. Price cuts and own brands become more appealing. Take longer to make decisions about buying durables.

• Consider replacing trendy, up-to-date and different products with dependable, durable, safe bets.

• Good quality second-hand goods are also a great option to consider. It is also one of the best choices you can make for the environment and is a great way to save money and pick up a unique piece that you won’t see in anyone else’s home.

• Put off any purchase that could be regarded as a luxury item or one that is not necessary right now. Focus on essential items and compare prices.

• Shop around for the best deal. Remember, if you are feeling the pinch, so are retailers, so there may be a good deal or opening special on offer.

“It all comes down to responsible and prudent management of your hard-earned money and borrowing wisely to help achieve your family and life goals,” concluded Ramosedi.

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