DebtSafe provides financial tips for women
DebtSafe shares tips on money behaviour for South African women
As we officially start Women’s Month in South Africa, DebtSafe says South African women don’t only tackle their daily schedules hands-on; they are also known as providers, chauffeurs, caretakers and so much more. It is therefore fair to say that women need all the support they can get – even if they require financial guidance along the way.
Debt adviser, Carla Oberholzer, said: “They should be notable for their uniqueness and also deserve a few pointers on how to embrace who they are, while developing a thrifty money psychology.”
DebtSafe shares what a few South African women have to say about their current money behaviour and mindset and offers them some empowering tips.
Shopping/ Splurging tips
To Cindy and all the social butterflies out there – continue being unique, but do take note: Try not to get caught in an ‘over-shopping’ epidemic or culture.
A once in a while impulsive buy can be good for the soul, BUT, the question is, is it in line with that budget? Don’t spend just because others are splurging during certain outings.
Only buy what is really needed and make sure shopping trips are properly planned beforehand. Do thorough research into where the best buys are, and also compare prices before rushing off to the nearest store.
Saving tips
Well-done to Karabou and all the frugal savers. Here are some extra saving tweaks to consider: Try to stash a certain amount (small at first) away before other deductions creep in. In other words – women have to ‘pay themselves first’.
This can put them into a new way of thinking about their finances while getting a financial habit going.
Saving goes hand in hand with a timeline and financial goals. Women have to therefore, outline short- (Christmas holiday), medium- (a new car) and long-term (retirement) goals and see what their bigger savings picture involves.
Financial phone apps
Like Nadia – women tend to be lost without their phone these days.
There are countless financial phone apps available – here are a few to consider:
22Seven: Money consolidation – consolidate accounts to get the bigger financial picture.
Moneysmart: Managing money and spending.
FillApp or Fuel Log3: Keeping track of fuel expenditures.
Money Mammals Save for a goal: Practical app to teach children about saving.
Credit and debt tips
Life sure happens and it can be really tough for Indu and other women to continually try to keep the fort standing. Here is advice about debt and credit agreements:
Women need to service their credit agreements as best they can. And, where possible, they should pay more than the minimum required fee or payment. They can consider alternative ways to help them achieve just that.
“Credit is not a bad thing, but women should not apply left, right and centre for it. Having spending boundaries is a good start. The alternative is falling into arrears and sitting with the devastation of becoming over-indebted,” Carla added.
Do you perhaps have more information pertaining to this story? Email us at randfonteinherald@caxton.co.za (please remember to include your contact details in the email) or phone us on 011 693 3671.
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