South Africans were under severe financial strain even before the Covid-19 outbreak and are now increasingly cashing in their long -term investments for immediate survival, this is according to a Debt Busters report from the first quarter of 2020.
It is important for us to be mentally strong, plan ahead, prioritise on what to spend on and using resources efficiently is crucial to the financial stability for many families.
A few tips on what you can do from the comfort of your home to save:
- Always write a grocery list and stick to it
- Join a lift club adhering to the COVID 19 regulations
- Minimise car travels and find creative activities to do at home
- Cook at home
- Avoid unnecessary spending on clothing, shoes, make-up
- If you must shop keep an eye and ear out for specials or promotions
- Cancel subscriptions you won’t be using eg: Gym, DSTV etc
- Move back home and avoid bills
South Africans are revaluating their bills during the coronavirus crisis. The unpredictable nature of the Government regulations and this virus has left people changing their spending habits.
In June of 2020, B Mavundza observed that “Although the lockdown restrictions are starting to ease, the pandemic continues to create major economic and financial distress for the South African economy and consumers alike,”
It is for this reason that we encourage our readers to constantly find ways to manage their finances. Due to household income shortfalls it is advised that working together to ease the financial pressures in the household will assist in stretching the income coming in.