Patel explained that while the current financial situation seemed bleak, there were ways to maintain financial stability throughout the year.
“There are two ways to get out of debt and free up cash, you can either earn more money or spend less,” he said.
“Finding a new job with a better salary is not always achievable, but spending less is definitely an option for everyone.”
Patel added that people often spend money on unnecessary items and highlighted a few of these expenses which residents could consider cutting out.
One of the listed items were books, which Patel highlighted were an unnecessary expense which consumers could do without.
“Books are nice to have, however, you need to spend less on them or alternatively borrow from your local library or a friend; visit market book stalls or second-hand shops and get them at a better price,” he said.
Other costly expenses mentioned by Patel included paid-for TV, gym contracts, electronics and store-bought water, which Patel stressed should be cut out, especially if your finances are in disarray.
Patel concluded by urging consumers to consider cutting out a few of the mentioned expenses, as this could lead to saving more on monthly bills.
“Instead of spending your money on things that will eventually fade in value, consider putting it into a savings account or an investment; such assets increase in value over the years, and help to secure a stable and comfortable future,” he said.
Other expenses to consider cutting out include:
- Texts and long distance phone calls: Avoid paying for texts and long-distance phone calls by downloading one of the many ‘free’ messaging apps, such as WhatsApp
- Cars: Buying a new car every two years will subject you to a never-ending spiral of debt
- Fix your fashion addiction: There are so many reasonably priced clothing stores available to us now so there is no need to spend R1 500 on a pair of jeans, for instance
- Subscriptions you don’t use: Some subscriptions automatically renew every year, causing yet another expense that you don’t want or need. If a service has stopped being useful, cancel it
- Infrequently used tools and appliances: If you only need a tool for one job, borrow or rent it.
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