If you\u2019re stuck at home with only re-runs of 1990s sitcoms for company, there\u2019s no better time to get started.<\/p>\n
Financial services provider DirectAxis suggests four ways you can constructively use the spare time while in lockdown to better manage your money.<\/p>
ALSO READ: How to survive a kitchen renovation<\/a><\/h4>\nImprove your credit score:<\/strong><\/p>\nYour credit score is the way the financial world sees you.<\/p>\n
It\u2019s not about how much money you have in the bank or how much you earn, but how financially responsible you are.<\/p>\n
Very few South Africans have perfect credit scores, which means nearly all of us have room for improvement.<\/p>\n
A 20-point improvement should be achievable for most people.<\/p>\n
You are also able to check your progress over time as often as you like.<\/p>\n
Benefits of improving your score is that you can get credit if you need it \u2013 an important consideration in uncertain times \u2013 and it could save you money.<\/p>\n
People with higher credit scores are regarded as less of a risk and can be considered for better rates on loans, insurance premiums and rentals.<\/p>\n
Review your budget:<\/strong><\/p>\nSome of the assumptions you made at the beginning of the year may no longer be true.<\/p>\n
For example, you might not be able to count on the salary increase you were expecting.<\/p>\n
Working from home could mean you\u2019re saving on transport costs, but that your water, data and electricity bills are higher.<\/p>\n
You may also have to account for that Netflix subscription you\u2019ve just taken out.<\/p>\n
Getting a clear picture of how you\u2019re spending money puts you in control.<\/p>\n
It also allows you to determine where you might be able to make some savings and perhaps put a little money aside in an emergency fund.<\/p>\n
Pay your debts on time:<\/strong><\/p>\nAlthough the economic impact of the Covid-19 crisis isn\u2019t yet known, it will be substantial.<\/p>\n
Banks have been working with the South African Banking Association to find ways of helping customers meet their obligations, so check your financial services provider\u2019s website and social media pages for updates.<\/p>\n
But remember, skipping monthly payments now in the hope that there will be some sort of future leniency is a very bad idea.<\/p>\n
It will negatively affect your credit score and will put you in breach of your contract with the lender.<\/p>\n
Even if a payment holiday is introduced, it is likely consumers will have to apply to be considered. Missing payments before the concession is implemented could make you ineligible.<\/p>\n
ALSO READ: How to become a zero-waste household<\/a><\/h4>\nImprove your financial literacy:<\/strong><\/p>\nThe better informed you are, the more likely it is that you\u2019ll make good financial decisions.<\/p>\n
Although the world is facing an unprecedented crisis, the fundamentals underpinning sound money management haven\u2019t changed.<\/p>\n
There are tons of information available online, from financial service websites, news outlets, expert blogs, videos and columns.<\/p>\n
In fact, the volume of information can be daunting, so decide on a few subjects you\u2019d like to know more about and start there, visiting sites you know are credible and reputable.<\/p>\n
Compare the results:<\/p>\n
Over time you\u2019ll identify the sites that offer information most suited to you and your needs.<\/p>\n
\u201cIn all the financial education we do, the one constant is that the first positive step to taking control of your finances is the most empowering,\u201d said Shafeeqah Isaacs, DirectAxis\u2019 head of consumer education.<\/p>\n
\u201cJust get started.<\/p>\n
\u201cAt the moment a lot of people are feeling vulnerable. One way of countering that is by taking some positive action.\u201d<\/p>\n
Hav<\/strong>e a story?<\/strong><\/p>\nContact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Busi Vilakazi (Journalist)\u00a0busiv@caxton.co.za<\/strong><\/a><\/p>\nAlso follow us on:<\/p>\n
Your credit score is the way the financial world sees you.<\/p>\n
It\u2019s not about how much money you have in the bank or how much you earn, but how financially responsible you are.<\/p>\n
Very few South Africans have perfect credit scores, which means nearly all of us have room for improvement.<\/p>\n
A 20-point improvement should be achievable for most people.<\/p>\n
You are also able to check your progress over time as often as you like.<\/p>\n
Benefits of improving your score is that you can get credit if you need it \u2013 an important consideration in uncertain times \u2013 and it could save you money.<\/p>\n
People with higher credit scores are regarded as less of a risk and can be considered for better rates on loans, insurance premiums and rentals.<\/p>\n
Review your budget:<\/strong><\/p>\n Some of the assumptions you made at the beginning of the year may no longer be true.<\/p>\n For example, you might not be able to count on the salary increase you were expecting.<\/p>\n Working from home could mean you\u2019re saving on transport costs, but that your water, data and electricity bills are higher.<\/p>\n You may also have to account for that Netflix subscription you\u2019ve just taken out.<\/p>\n Getting a clear picture of how you\u2019re spending money puts you in control.<\/p>\n It also allows you to determine where you might be able to make some savings and perhaps put a little money aside in an emergency fund.<\/p>\n Pay your debts on time:<\/strong><\/p>\n Although the economic impact of the Covid-19 crisis isn\u2019t yet known, it will be substantial.<\/p>\n Banks have been working with the South African Banking Association to find ways of helping customers meet their obligations, so check your financial services provider\u2019s website and social media pages for updates.<\/p>\n But remember, skipping monthly payments now in the hope that there will be some sort of future leniency is a very bad idea.<\/p>\n It will negatively affect your credit score and will put you in breach of your contract with the lender.<\/p>\n Even if a payment holiday is introduced, it is likely consumers will have to apply to be considered. Missing payments before the concession is implemented could make you ineligible.<\/p>\n Improve your financial literacy:<\/strong><\/p>\n The better informed you are, the more likely it is that you\u2019ll make good financial decisions.<\/p>\n Although the world is facing an unprecedented crisis, the fundamentals underpinning sound money management haven\u2019t changed.<\/p>\n There are tons of information available online, from financial service websites, news outlets, expert blogs, videos and columns.<\/p>\n In fact, the volume of information can be daunting, so decide on a few subjects you\u2019d like to know more about and start there, visiting sites you know are credible and reputable.<\/p>\n Compare the results:<\/p>\n Over time you\u2019ll identify the sites that offer information most suited to you and your needs.<\/p>\n \u201cIn all the financial education we do, the one constant is that the first positive step to taking control of your finances is the most empowering,\u201d said Shafeeqah Isaacs, DirectAxis\u2019 head of consumer education.<\/p>\n \u201cJust get started.<\/p>\n \u201cAt the moment a lot of people are feeling vulnerable. One way of countering that is by taking some positive action.\u201d<\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Busi Vilakazi (Journalist)\u00a0busiv@caxton.co.za<\/strong><\/a><\/p>\n Also follow us on:<\/p>\nALSO READ: How to become a zero-waste household<\/a><\/h4>\n
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