How Saving Can Keep You Debt Free

In an over-indebted country such as South Africa, learning how to save effectively can be just the secret weapon you need to stay out of debt. Yes; it is challenging having to choose between saving for an emergency and paying off debt, but it is important that you do both.

When you have high-interest consumer debt, paying it off first can help you solve ongoing problems with managing and saving your money. To many South Africans, a debt-free life seems like a dream, not a reality. But, it can be done with just the right level of commitment and discipline.  

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The global pandemic has not only changed our lives as we know it, but it has drastically changed the South African economy and in turn, our finances. South Africans have had to change their way of living to suit their new financial situation. Many have been left without any income for months, and are not able to afford the things they are used to, leaving us to make tough financial decisions that will affect our lives for years to come. Here are some ways to keep your finances going in our changed world.  

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Healthy finances are regarded as the state of stability of one’s person’s finances. It can be hard to gain financial stability in today’s world but there are steps you can take to get onto the right path towards healthy finances. Here are a few tips and tricks to guide you towards gaining healthy finances.  

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Can you believe we are halfway through the year already? The year has flown by during the nationwide lock-down as a result of the global pandemic and many South Africans have had a tough financial start to the year. Although many are saying 2020 is a write off, there are some changes to make to your finances to make the latter half of your year more bearable. Here are some tips on what you can do better to get your finances back on track for the other half of 2020. 

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Many South African families have had to adjust to living on a single income due to job loss or a reduction in income during the nationwide lock-down. School fees, food, electricity costs and other essential expenses remain, and you may find that your income no longer stretches far enough. Here are some tips to on how to make the most of one salary. 

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Are you struggling with debt during COVID-19? Since South Africa announced its nationwide lock-down back in March, many have been left without jobs or receive a reduced salary and are generally in a bad financial situation. Although the government has provided some financial relief through temporary relief funds, this has proven to not be enough to help the average South African sustain their everyday lives. It may be best for you to take control of the situation yourself. Use this time to review your financial situation and reach out for help where you need it 

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There is always a reason to start saving you just need one that resonates with you. Deciding when to start saving could make a huge difference in your financial future. Savings are defined as a portion of income that is not spent on current expenditures and put aside for when its needed. It needs self-discipline but with focus it can soon become  a habit. Here we look to provide an overview of the national savings problem in South Africa, incorporating the latest statistics. It also highlights the importance of saving, building up resilience through an emergency fund as well as a guideline on how you can start saving for your future.   

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Most South Africans do not realise the importance of having an emergency fund until they need some extra cash. Yet, building an emergency fund is one of the most important steps in taking control of your financial situation.  When life happens and you are faced with an unexpected financial emergency, you need to be able to fall back on this fund rather than turn to debt.   

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Payment Holiday?

Many banks in South Africa are now offering payment holidays. Standard Bank, FNB and Absa to name a few. This has been put in place to allow consumers that are low on cash during these uncertain times to have a break from their debt payments.  

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Meerkat's guide to your finances

It’s always good to learn about finances. Here we provide a guide to your finances. The basics of budgeting, credit, banking, saving and debt are the pillars you need to focus on to not only improve your financial education but you will be able to apply what you learn to make your finances great.  

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