Few South Africans are setting realistic budgets and then sticking to them, according to Andre Wentzel, solutions manager at Sanlam Personal Finance.
Without giving your budget proper thought costs can easily run away with you, meaning you may get into debt.
To avoid the pitfalls of debt and credit shortfalls in 2019, Wentzel suggests South Africans learn to manage their finances in a playful and manageable manner by getting to grips with”budget bingo”.
Pick the financial tips for the list below that apply at the appropriate moment; and before you know it, bingo – you’ll have more cash in hand, he says.
Some budget bingo savings tips:
- Stick to a shopping list;
- Avoid shopping malls where you might be tempted to spend money;
- Invest your Christmas bonus or use it for big upcoming expenses in January;
- Join a stokvel or savings club;
- Start a high interest-earning savings account early in the New Year for Christmas 2019;
- Buy in bulk or shop online to find the best bargains;
- Draw up a budget and keep track of your spending;
- Cut back on extras when you can;
- Leave your credit card at home when you go shopping – draw limited cash instead;
- Give your time instead of gifts, for instance, give someone a night of free babysitting;
- Invest in experiences rather than things: buy family tickets to a show instead of buying things;
- Sell things on Gumtree or the Facebook Marketplace for extra funds.