The drought, the rand’s drastic depreciation and the South African Reserve Bank’s recent repo rate hike of 0,50% have dealt SA’s consumers a triple blow. It is very clear that 2016 will have no mercy on shoppers, especially those living on credit. Now is the time to relook budgets, up savings and if you are over-indebted seek help.
Here are 4 ways how you can save MORE in 2016:
1. Draw your weekly “allowance” in cash
It is easy to overspend on your weekly groceries, entertainment and other allowances when you are paying with your card. It is harder however, to overspend when you have the budgeted amount in cash on you, and nothing more. Take a calculator with to prevent an embarrassing moment at the till.
2. Cut your bills: Have you cut back as much as you can? Or are there expenses you think you need but you can actually live without? Every household is different so perhaps a family meeting could be a good way to establish what your family can and cannot cut back on.
Some thought starters:
- Television and internet usage
- Mobile phone and landline telephone bills
- Takeaways, eating out and entertainment
- Domestic and garden services
- Beauty treatments, gym contracts etc.
- Water and light bills
3. Be resourceful: A little bit of resourcefulness can go a long way. Buy bulk, look out for ‘3 for 2’ deals, shop during clearance sales or at factory outlets, etc. Change to a less expensive but equally good brand because a saving of 50c-R2 per item in your trolley can make a massive difference collectively. Sell stuff you aren’t using and if you are tired of the clothing in your closet, try an exchange party with friends and don’t buy new clothes.
4. Make more: This is easier said than done because not every industry can allow for extra hours at extra compensation. But why not have an open discussion with your bosses and find out if there is another way, perhaps you could take on extra responsibility. Can you freelance/moonlight after-hours? Or maybe a part-time after-hour or weekend job could be an option?
At Debt Rescue we know that too much debt can limit your options to save more. That is why our debt counsellors are expertly trained at making the debt review process as simple and convenient as possible for you. The year ahead does not need to look financially depressing. By making smart choices now, and implementing them religiously, you can take back control.