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?
- Plan a budget
- Compare your credit cards
- Compare your bank account charges
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.