JOHANNESBURG - South African consumers need every month with rising fuel costs, deepen higher energy costs and increased costs of living in their pockets. There are also the immense pressure of debts and it becomes clear that this is smart budget of crucial importance.
The price of gasoline has increased 67 cents per liter and diesel by 44 cents per liter this week. to increase electricity prices more than 20%. In addition, preliminary statistics released by Statistics SA on Aug. 17, 2017, show that many South African consumers are under an enormous amount of pressure on the debt, with 48.169 subpoenas civil debt in June issued solely on the value of more than R350 million.
: READ price of the gasoline to increase by 67c / l of 6 September
So before mops and dusters and put it in, start with a budget of spring cleaning to leave.
"If you have not looked at your budget in a certain time, then it is definitely time," said Susan Steward, marketing director of the insurance budget. "Changes in the economy and their personal life affect your budget, so should be checked regularly."
READ: middle class under buckling of debt: poll
Start making your own spring budget, the budget recommended to put these 10 questions.
1. Is your income and expenses changed?
With many people in July to get their annual increase, you can get a little more in your bank account each month by mid-year. Think about the best way that extra money to use. The rest of the following questions should help generate some ideas.
2. Have you been soft wage your debt?
Among the credit cards and store cards, it's easy to get caught up in buying on credit and forgets all amounts are collected along the way. So make sure you go all of your statements and pay debts, or at least put in place to do a plan, such as a four-step plan to repay the debt.
3. Is cutting corners where they should not be?
We all know that the costs tend to be on the budget and cut one of them are safe. However, the question is whether there have been about security can afford that you do not allow. Without the right side cover, you can be in a much worse financial situation, such as when your car off at home or stolen. Insurers are constantly looking for ways to save money consumers with affordable premiums and many to provide such insurance budget, focus.
4. Are you willing to prioritize again to compromise and?
As this expensive perfume, you really want the new brand sneakers, you can not even live a week without the expensive steak, but if you feel the pressure in the middle of the month, this magnificent shopping may end up regretting. The last thing you want is to be in a position where they have to do without important things like family health or education of their children. So instead, the compromise - to find an affordable perfume, no trainers and meat once a month.
5. Have you been faithful your savings goals?
There are several ways to get the bad habit of not forcing break through the savings that you can save every month. This includes things such as the establishment of an order for monthly direct payment to an investment account, Open a free account tax savings increase its contribution to the pension fund and your employer 13 proofing was ask. For more ideas, take a look at these top 10 tips for saving money budget.
6. Save in an emergency?
What if you were in a situation where you need money urgently, as fired when needed from work or in the car major repairs - to get money and how fast can you get? This is not a pleasant thought, but it is important to have a safety net in place. The amount you save in an emergency fund depends on your personal situation, but ideally an emergency fund should cover three to six months of expenses. This may seem like an insurmountable sum seems to save, but only R250 except per week, for example, have one month R1000.
7. Can I be your expenses tracking?
This is not to examine every penny, but to create output patterns for the rescue to identify possible areas. A good way to do this is to look in your monthly statement and see where it goes the most money. You might be surprised at what you spend in certain areas and how small changes so that you can keep your costs under control.
8. Pay unnecessary costs and overwhelmed?
You could not pay a subscription fee to read magazines, a gym or do not have to pay for a bank account that does not use. The money you could save or pay off debt is wasted.
9. Your rewards programs you enjoy it anyway?
Many companies and service providers offer rewards programs, but not all are equal and not all good for everyone. While it is tempting to connect all loyalty programs caution that you get only a small change overspending. And of course, always read the terms and conditions carefully before signing up for rewards programs because it can be hidden costs.
10. Is the financial literacy self-empowering?
These days you can find answers to almost all questions on the Internet. How to save? Where should I invest my money? Why should I have a pension fund? It is very good to understand the basics, but always consult a financial advisor before making any decisions about saving, spending and investment.
"The answer to these questions honestly and completely gives perspective and information you need to make better decisions on the budget," says Stewart.
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