Interest rates? Time to act!

By Staff Writer

But now is not the time to breathe a sigh of relief and get back to spending like there's no tomorrow. South African's are carrying more personal debt then ever before and hundreds of thousands of people are struggling to pay their bills, facing imminent bankruptcy.

The economic outlook for the country is uncertain, but there is much we can do as individuals to keep our own finances on the straight and narrow, cushioning us from the potential hiccups waiting around the corner.

Here are some simple steps we can all take to improve our situation:

Budget - Take a tip from Trevor and plan your finances better. Use the Justmoney.co.za planner to work out where you're spending your money and how much is left at the end of the month. If you spend more than you earn then you need to cut back, so check out our moneysaving tips as well.

Health check - The simple Health Check questionnaire helps you identify where your financial priorities should be, whether it is putting more money aside in savings and retirement planning, or taking action to top up your life insurance and tackle your debts

Save money - Justmoney.co.za found that many people could save between R50 to R100 a month by switching to a different bank account because their existing account is unsuitable. You could then put that extra R100 a month in a savings account

Take control of your debts - Easy access to credit over the past decade has led to a huge personal debt mountain and high levels of over indebtedness. If you're struggling to pay your debts, rather than look for another loan, it is important to take steps to tackle that debt, whether it's via debt consolidation or debt management

Switch your mortgage - If you haven't checked the cost of your mortgage lately, then now is the time to do it. By shopping around for mortgage deals you could save money - even a ½% cheaper deal could slash thousands of Rands off your mortgage

By making some simple changes to the way you spend and look after your money, not only could you be better placed if the economy - or your own personal circumstances - takes a dive, you could actually find yourself better of financially, easing the stress on your pocket and your peace of mind.

We'd also love to hear from you if you have any other money saving or financial planning ideas. What works for you might work for others, so please e-mail Justmoney.co.za at editor@justmoney.co.za and share those good ideas.

Recent Articles

Featured Do you still need credit life cover when you have life cover?

When you take out credit, your creditors will require you to pay back what you owe no matter what your circumstances are. This is why they have credit life cover built into their loans to ensure you are still able to pay off your debt, should any unfortunate event occur. 

 

Read more

Are you ready to just tap and go when you pay?

The integration of the tap and go system has revolutionised the way consumers make payments. Instead of having to insert or swipe your card, you are now able to simply tap and have the payment registered almost instantaneously. But how safe is this?

Read more

Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Save with 10X investments

Price: Free
When: Until 30 June
Where: Online

Sanlam Cumulus Investment Plan Limited Offer

Price: From R2,500
When: Limited Period
Where: Nationwide

Roman's Pizza Special - Any Single Large Pizza

Price: R69.90
When: Until 31 July
Where: Nationwide