Household spending down

By Staff Writer

With the continuing global financial crisis times are getting tighter and this is filtering through into reduced levels of household spending. A Dispatch report tells us that household spending fell in the first quarter of 2009 by 4.9%, according to the latest Reserve Bank Data. This means households are getting worried by the recession. So if cash is getting tight what can you do?

 

 

If every little bit is now needed as household spending drops, then you need to be aware of all of your expenditure so that you can spend what you have in the most efficient manner. Planning a budget will enable you to do this so that you know exactly what you have to spend and what it needs to be spent on. Get a cheaper deal on your credit card or pay it off with a balance transfer card. A balance transfer card gives you a low rate of interest to pay off your credit card debt, but new purchases will be charged at the regular higher interest rate.

Bank charges are expensive and can add up, a recent survey we conducted showed that 42% pay more than R200 a month in bank charges! This can be cut down on by using our bank account charges tool to find the best fit bank account for your particular spending profile. With the global recession expected to continue for the foreseeable future, make sure that you cut out all unnecessary expenditure, especially on your bank charges. Small savings can add up and these can translate into that nice bottle of red that you thought you would have to forego.

Recent Articles

Featured 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

Splitwise: Split the bill not the friendship

Collecting your friends’ debt to you can be draining. You don’t want to ruin your friendship with them, and it can also be extremely awkward. I don’t know how many times I have written, deleted, and rephrased texts, reminding people to pay what is due to me.

Read more

Stokvel-friendly accounts – which one is fair?

The stokvel economy is approximately worth R49 billion in South Africa. This is according to the National Stokvel Association of South Africa (Nasasa). Altogether 24% of these stokvels are in Gauteng, while only 6% are in the Western Cape.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Cape Town Fish Market Swartland Special

Price: From R123
When: Until 14 July
Where: Cape Town

Aha Casa do Sol Pay 2 Stay 3 Special

Price: R1,200
When: Until 31 July
Where: Mpumalanga

Open University Free Courses

Price: Free
When: Daily
Where: Online