Due to the recent junk status downgrade, South African consumers are likely to pay more for food and fuel. But that is not all. Consumers could also expect a rise in interest and tax rates. Meaning your current debt will become even more expensive. Difficult financial times are ahead. A drastic cut in expenses should be something all households consider.
These 6 tips could help you live more cheaply:
Tip #1: Stop satellite
Stop paying for luxury TV channels. Alternatively, choose a cheaper package or cheaper entertainment option. These days there are multiple cheaper options that still gives you access to your favourite shows and movies.
Tip #2: Stay home more
Friday night dinner and movies, a long weekend break away, or simply a trip to the mall all costs money. Save more by staying home more and keeping yourself and the kids busy with board games, arts & crafts, DIY projects, fun events at home, etc.
Tip #3: Do it yourself
Some luxury things are so much a part of our lives that we cannot imagine living without it. But the truth is luxuries are the first things you should cut if you are trying to save, especially the ones you can do yourself. Take DIY to the next level by doing your own nails, hair, repairs, house cleaning, garden work, etc.
Tip #4: Work from home once a week.
The internet and technology create an opportunity for office-based jobs to be more mobile. If at all possible, work from home once a week. This way you can save petrol and kilos on your car.
Tip #5: Eat less meat.
Make meat-free Mondays a thing by replacing meat with other sources of protein. In fact, save even more and try it two days a week. It is healthy and works out cheaper. Include more of the following nutritious and affordable protein sources into your diet: green peas, quinoa, beans, chickpeas, spinach and broccoli. Grow leafy greens in your veggie garden and save even more.
Tip #6: Buy second-hand
Whenever you need to buy something, ask yourself whether you won’t be able to get it second-hand. Shopping second-hand for things like clothes, appliances and décor can save you thousands each year. Yes, there are certain items you should buy new instead, but for everything else shop at thrift or pawn shops or via Gumtree or OLX.
If your debt has become too expensive and it feels as if you have nothing left to cut back on – give Debt Rescue a call. We are here for you.