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Apply your mind to your money

by | Apr 21, 2020 | Personal Finance

One positive thing that we have gained from the Covid-19 lockdown is time. Time for our families. Time for ourselves. Time to reflect on our lives. And isn’t it interesting how much we’re thinking about our finances now?

Whatever our lockdown scenario — paid or unpaid — we are all going to the grocery store and thinking about how to stretch our rands as far as we can. We are shopping while thinking of the meals we are going to cook. We are using our imaginations to keep us and our kids entertained. We are worrying about how to pay our debt.

This is great practice for life after the lockdown, and a new look at the way you and your family can run your lives. Up until now, we’ve been able to do what we want and say we’ll deal with the consequences later. But now, more than ever, we can’t do that.

This is a great moment of reflection. We have to reinvent ourselves. We have the time. Now is the time to apply your mind to your money.

 

How to apply your mind to your money

It is easier than you think. Go through your finances and start asking questions.

1. What expenses do you have to pay every month?

Now is a good time to keep track of these. Write down everything you buy. Keep all of your till slips. This is important information to have when applying for financial relief at NDA too.

Keep track of your expenses and budget

2. What insurances are you paying for that you don’t need?

Do you know what credit insurance is? Check if you have it. Have you renegotiated any of your insurance policies? Shop around for cheaper cover and speak to your broker.

3. Do you know how much money you owe?

Start digging out all your financial contracts and documents. Make a note of who you owe, how much you still have to repay and how much you are repaying each month. Check what the interest rate of every debt is. List them from most to least affordable — and pay the most expensive ones (the ones with the highest interest rate) first.

Look through your credit agreements and insurance policies

4. Do you need help?

Don’t ever be ashamed of your situation. Ask for help and take help when it is offered. It’s OK to be worried and stressed about your finances. Realise that it’s OK not to be OK. There are people who can help you, like our team at National Debt Advisors (NDA).

We are all in this together. Times are tough — but so are we. We will survive the coronavirus.

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