2023 – a year with contrast, expectation and trepidation

It is a new year, yes, but for most people, inclusive of those at WesBank, there is a sense of expectation and anxiety as budgets are tight and with rate, fuel, and electricity, among others, increases looming, it raises serious concerns.

“While all these added budget constraints affect many of us, the ability to start the year on a budget positive note will stand you in good stead for the year ahead,” says Kutlwano Mogatusi, communications specialist at WesBank Motor. “Making use of an interactive online tool such as the WesBank budget calculator is extremely helpful to get a realistic overview of your budget.”

The first step in coping with stressed budgets is diligent planning. So, estimate both your income and your expenses. How much money do you project to come in each month, and how much needs to go out to cover all your monthly costs? Aim for a positive figure in the credit (income) column, and not a negative figure in the debit (or expenses) column.

It is also important to make provision for and save money for emergencies. Travel light with those credit cards and loans and stay away from scrupulous money lenders.

Set up debit orders for essential monthly expenses such as a home loan or rent, vehicle finance, insurance, utility bills, credit cards, school or college fees, contracts or subscriptions. Defaulting on monthly repayments negatively impacts your credit score and rating should you need to apply for credit.

Although a huge challenge with constantly increasing prices, review the food budget – shop for specials and stay away from takeaways.

“Tough choices may need to be made, but these will assist you to come out on the positive side of your budget in the long term. Happy budgeting!” concludes Mogatusi.

Source: WesBank