Five festive fixes - as heard on Cape Talk & 702FM

By Staff Writer

By Justmoney.co.za

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.

Recent Articles

Featured Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Discovery Vitality: The impact it had on my health

It’s nearly 30 degrees outside, but my windows are closed to prevent further wildfire smoke from entering my bedroom. I’m hopping around, squatting and lunging my way into my “cardio zone” so that I can earn 200 points on Discovery Vitality and meet my weekly activity goals.

Read more

Rand runs out of steam in lead-up to budget speech

For all the foreshadowing that was done last week in terms of the two big speeches by the head of states in the United States (US) and South Africa (SA), very little happened as a direct consequence thereof.

Read more

The cover you need at every age and stage

Insurance is often neglected during people’s twenties and inflated during their forties. So, which insurance products should you pursue at which age?

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town