Times have been tough in South Africa these past few months. Political turmoil, a serious drought and various other factors have caused a severe slowdown of the local economy and our currency just doesn’t go as far today as it used to. The importance of saving now has never been more apparent, but as the rand keeps losing value due to the South African economic downturn it is becoming harder and harder to put away some money each month.
If you, like Lerato, feel like you have no money left at the end of the month and too much month at the end of your money, a good place to start in order to bring down your expenses is your monthly debit orders. Medical insurance, bond payments, rent, phone bills, gym memberships, car insurance and other regular debits all add up quickly and for many people these make up the majority of their monthly spend.
Lerato realised she had to make some adjustments to her spending habits when she had to rely on her credit card to get to the end of yet another month. She investigated her monthly debits and was able to identify some that were not necessary at all – like the unused gym membership – and some that could be lowered in order to save in the long run. After getting quotes from other car insurers, she realised her premiums were too high because she had not reviewed the value of her car for a couple of years. “I needed to save money and this was the easiest way. Without changing my spending habits, I could bring down my monthly expenses and use this money for things that I really need,” she said.
Going without car insurance is not a good idea, but keep in mind that the value of your car goes down each month and you might be over-insured.
Many people don’t realise they are paying too much
so review your insurance policy and compare it to other offerings out there to make sure you have the right policy and are not paying more than you should.
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