FESTIVE shoppers could save themselves thousands of Rands by shopping around for cheaper credit cards, bank accounts, loans and mortgages this Christmas, according to Justmoney.co.za, South Africa’s guide to money.
With the prospect of another interest rate hike around the corner, Justmoney.co.za has unveiled five festive fixes to help consumers trim their bills and save money during the holiday season.
Paul Beadle, general manager of Justmoney.co.za, explains: “We all tend to spend too much during the festive period, but having an expensive credit card or paying too much on loan repayments or your bank account could end up costing you even more.
“People should take a little time searching www.justmoney.co.za for better deals on credit cards, loans, mortgages and even bank accounts – otherwise all that spending to celebrate the festive season will become a major debt hangover in the New Year.”
Justmoney.co.za’s five festive fixes are:
- Get a cheaper credit card – if you’re paying an interest rate above 20%, you’re paying too much! Justmoney.co.za’s credit card comparisons found that cards from Virgin Money, GoBanking, Old Mutual ICE and Diners Club are cheaper, so check out the deals at www.justmoney.co.za/credit_card.aspx
- Switch your mortgage – cutting just 1% off your homeloan interest rate could save you thousands. The mortgage calculators at www.justmoney.co.za/remortgage_calculator.aspx will help you work out what rate you should be on and how much you could save, then you can apply online for a free quote for a new homeloan
- Reduce your debt payments – if you have a number of small debts, such as personal loans and credit cards, wrapping them into your mortgage (known as debt consolidation) could reduce your monthly repayments and save you thousands. Justmoney.co.za’s debt consolidation calculator at www.justmoney.co.za/debt_consolidation_calculator.aspx shows you how to make your New Year finances a lot happier
- Don’t blow your bonus – if you get a 13th cheque, spend it wisely! Don’t splash out on treats, pay off any debts (the money you save on interest payments will pay for treats all year long!) and put the rest into a savings account. Justmoney.co.za’s comparisons found accounts from FNB, Absa and Postbank that could earn you over 10% in interest. Check them out at www.justmoney.co.za/savings_accounts.aspx
Get a better bank account – many people are paying too much in bank charges. With Justmoney.co.za’s bank charges calculator at www.justmoney.co.za/bank_account_charges.aspx you can work out how much you’re currently paying, search for a cheaper account, and find out how to save money on charges by using your debit card instead of cheques and paying your bills online instead of in the bank branch
Justmoney.co.za has been created to help South African’s save money by demystifying financial services and helping them to make informed decisions about their money.
Completely independent and unbiased, Justmoney.co.za features a host of comparisons, tools and guides, enabling people to search and apply for new products, all online and completely free of charge.