Plug your debt leak

Debt often starts as a small leak, but if left unmanaged, it can feel like a flood. This July, the goal isn’t just to put rands in a jar, but to stop the interest drain that quietly pulls money out of your account. 

Pick your repayment strategy 

If you have multiple small debts, try the snowball method: pay off the smallest balance first while maintaining minimum repayments on the rest. The quick win of closing an account gives you the momentum to tackle the bigger ones. If you want to save the most on interest, use the avalanche method: target the debt with the highest interest rate first. This is the fastest way to reduce what you pay back. 

Consolidate to breathe 

If you’re managing multiple repayments but still keeping up, a consolidation loan might be your best move. By combining multiple high-interest loans into one single payment with a lower interest rate, you simplify your finances and often reduce your total monthly outlay. This typically works best if your credit score has improved since you took out your original loans, and you are disciplined about paying off your old accounts. For more tips on managing your credit, check out our “Borrow smarter, not harder” guide. 

When you need a lifeline 

Sometimes the numbers simply don’t add up. If you’re struggling to cover basic living costs because of debt repayments, you’re not alone. JustMoney partners with DebtBusters, South Africa’s leading debt management company, to offer debt counselling. This is a legal process that protects your assets while restructuring your payments into one affordable monthly amount. Log in to request a free call-back to learn more. 

Taking the first step to ask for help is a strategic move to reclaim your financial future. Whether it’s paying an extra R100 on a store card or getting professional support, today is the day you stop the leak. 

OUR MONEY COACH PRO-TIP 

Wiping out debt isn’t about finding a massive windfall; it’s about the consistency of the strategy you use to attack it.