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2016 is going to be a difficult year for some of us. The weak Rand, the drought which will result in even higher food prices, rising inflation, increases in interest rates – those of us who own houses have already started feeling the pinch of higher interest rates on our bond repayments, high water and electricity prices, retrenchments, above inflation school fee increases, etc…  Read more…

South Africans love debt, we are almost addicted to it. The sad thing is we get into debt that makes us look good and makes us grow poorer e.g. nice cars, branded clothes, etc… As schools open next week, some of us don’t even know how we are going to pay the fees, buy uniforms and other necessities for our children. Even professionals, well educated people, are now going for debt counselling.

A few tips on how to make it through 2016:

• Cut up your credit cards
• Cut up your clothing store cards and other shopping cards & leave your ID at home so you don’t use your ID to buy on credit [ been there, done that so I know ]
• Track your spending by drawing up a budget and actually stick to your budget
• Buy only what you need – forget about Wants for a while. If you have no discipline, keep away from shopping malls
• Think twice before you buy the car of your dreams – love the one you have just a little longer. It is possible to drive a 12 year old car & have fun while doing it, trust me I know
• Are you driving alone to work? Consider using public transport or forming / joining a lift club
• Consider a home-sharing arrangement so you get help paying off your home loan
• Review your insurance costs – have you thought of Hippo as an example to try and reduce your insurance costs?
• Are you paying gym fees and yet you are not going to the gym? You know what to do
• Think twice before you make that phone call – WhatsApp could be the way to go
• Take a very close look at your Cellphone contract – I just cancelled mine and will be migrating to what promises to be cheaper. I had nightmares just thinking about “what if I end up suffering the consequences of the billions in a fine that I have no control over?”
• How much is the cost of your hairstyle, manicure, pedicure? Is it worth it?
• DSTV? Do you really need it?, etc….

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