The global pandemic has not only changed our lives as we know it, but it has drastically changed the South African economy and in turn, our finances. South Africans have had to change their way of living to suit their new financial situation. Many have been left without any income for months, and are not able to afford the things they are used to, leaving us to make tough financial decisions that will affect our lives for years to come. Here are some ways to keep your finances going in our changed world.
South Africans have had to increase their spending on data and electricity due to working from home and home entertainment. Although some data companies have stated that they are going to decrease their costs, it is always a good idea to shop around for the best deal yourself.
Look at all the data only deals each service provider offers. You can then make a list of comparison to see how much you can save each month. This also applies to online entertainment; a good example is to compare DSTV to Netflix. DSTV costs are significantly higher than Netflix, these savings will add up and contribute to your other financial situation.
Taking out more credit should only be done when absolutely necessary. If you absolutely need to take out credit, make sure that you can pay back at least the minimum repayments.
If you can’t avoid taking out more credit and cannot afford to pay off your current debt repayments, you should consider negotiating with your creditors and coming up with an affordable solution to protect your finances. In the situation where your creditors are not budging because your debt is too high and you are over-indebted, you can contact Meerkat today and we will assist you with your debt repayments under debt counselling. Meerkat can help to reduce your debts by up to 50% and leave you with some extra income to cover your living expenses. For more information, contact us here.
There are many ways you can cut costs to save on daily activities. You can start buying generic brands instead of the more expensive originals and you can start buying only the things you need, for example grow your own herbs. Start thinking of creative ways to save your money. This can better your financial situation.
It may seem impossible to start saving. If you can even save a small amount towards an emergency fund, it can help you to survive tough unexpected financial situations like retrenchment or job loss.
Saving 3-6 months’ worth of your salary will keep you covered for times such as what we are experiencing now. You will always have that money to fall back on in case an emergency arises. If you can even put away R50 a month, it will all add up in the end and when you need the money, it will be in your savings account. Start saving with Meerkat today
Review your insurance policies
There are many different insurance policies out there whether it be for funeral or credit life insurance. It is always a good idea to shop around when it comes to choosing the right insurance for you. This way you can ensure that you grab the right insurance at the best price. Shopping around will allow you to save money as you can potentially choose a less expensive policy that still suits all your needs.
Meerkat’s new funeral cover is competitively priced and could save you money. We offer up to 60k cover for you and your immediate family. You can get cover and make a claim all with the click of a button, Find out more.
Credit life insurance can help you out when you are unable to pay off your debts. This could be due to job loss, disability or death. Keep your finances and your family’s finances safe by signing up to Meerkat’s affordable credit life insurance.
Although the pandemic has disrupted our lives and our finances forever, we will adapt and come out of this together. Many have had to make big changes to accommodate their new finances, but we are all in this together and we will come out of this pandemic changed and stronger.