WITH the coronavirus pandemic affecting everyone in different ways and with many South Africans losing their income, it is evident just how unpredictable life can be.
If you are fortunate enough to still have an income, now’s a good time to review your finances.
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This way you’ll be prepared for any financial setbacks that might occur in the future.
By being proactive and spotting small opportunities to save, you can learn how to make your money go further.
Here are some tips on how to get started:
Learn how to budget
The best thing about payday is that you know exactly when you’ll be paid, meaning you can budget to make your money last the full month and you can see where you can cut back on costs and save for the future.
If you’re freelancing or are on a contract – this might be more difficult and it’s important to be responsible with your finances and not to spend more than you have coming in.
Spread the cost of big purchases
If you’ve got any big purchases coming up, but you are not sure how you will afford them, you can spread the cost with a credit card. Most credit cards in South Africa have an interest-free period of up to 55 days, so you have just a little leeway when it comes to spreading the cost. Just remember that you are still borrowing money, so you could be charged if you don’t keep up the repayments.
Spring clean your bills
Are you overpaying on bills suuch as the internet, phone and insurance?
Regularly switching your bills is one way to ensure you are getting the latest and best deal. Your loyalty could be costing you in the long-term, so it would be great to check what other offers are out there.
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