How to cut down on your spending

South Africa has nearly R2 trillion worth of consumer debt – yet continue to spend and live beyond their means.

Here is some advice of how to cut down on your spending

Scale down

• Cancel subscriptions to apps you don’t need.
• Stop your DSTV or switch to a cheaper package.
• Check out the terms and conditions and cancellation clauses and penalties applicable.
• Check your medical aid and see what your options are to scaling down to cheaper, more suitable packages.

Save money on the way you do things

While it’s not always possible to physically put money under the mattress or in a savings account, we can still “save”.

• Switch off your geyser during the day. If you save R10 a day on electricity this way – that’s R300 a month that can go towards something else
• Make your lunch for work at home, instead of buying (fast) food everyday
• Make food that feeds more people – and where leftovers can be frozen. Soups and stews(even without meat) go a long way these days.
• Medicines are costly. Make your own immune system boosters from natural ingredients.
• Check for specials on cellphone data and airtime deals during this time.
• Use public transport or carpool instead of driving to and from work in your vehicle alone
• Consider selling a big, fuel-guzzling vehicle for a car that is lighter on fuel and easier to get around with

Financial tips

• As simple as the task of drawing up a budget may sound, consumers should never underestimate the value of budgeting. Everyone needs to stare their financial situation in the face.
• Get rid of your debt – ASAP
• Put as much money into your home loan as you can.
• If you have an investment portfolio, speak to your financial advisor about investing outside of SA
• Save as much as you can – by doing things like switching off your geyser, carpooling to and from work, buying generic brands, downgrading your DSTV package and cancelling unnecessary subscriptions
• Hone into your entrepreneurial skills and start creating an extra income
• If you are fearful of the repossession of your assets – speak to a debt counsellor

Debt counselling

• Debt counselling, also known as debt review can greatly assist in alleviating your financial strain
• A registered debt counsellor can place you under debt review, which will allow you to pay one lower, consolidated monthly debt installment, protect you from the harassment by creditors and protect your assets from repossession

National Debt Advisors is South Africa’s number one debt counselling company. For more information on debt review, fill out our contact form and we will be in touch soon.