Guiding consumers since 2009

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 Turn your debt around in 6 months

For many of us, January is the month to set goals, find renewed motivation, and make changes to areas of our lives where we feel that they’re needed. But let’s be honest, as the year and the motivation dwindles, these goals are often forgotten.

Which bank offers the best home loan?

Applying for a home loan can be a stressful experience – from filling out the paperwork to comparing the interest rates and navigating all the potential red tape. But it needn’t be.

6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide