With the economy still trying to revive itself, and Covid-19 which resulted in a blow for salaries, many had to learn to survive on a much smaller income than they are used to. To ensure that you still pay your debt and manage through the month, here are a few tips to consider.

Prioritise the needs

You need to make a list of all the items that are a priority in your home. First and foremost, write down all the creditors you owe money to and how much it comes to. Then make a separate list of household running items like consumable goods, lights and water, transport, cellphone bills etc. This way, you know what you have to pay every month.

The wants are secondary

Ofcourse you still need to buy and enjoy the luxuries, so keep a separate list of items that you tend to buy every month or places you tend to visit. This could be a trip with the kids to an amusement park, what would that cost you? Perhaps it’s a last-minute trip to the ice-cream store, what does that cost you? These costs play an important role in your month-to-month planning.

Accept your situation

Everything must pass but to survive the current situation, you must accept it for what it is. Your mental health is just as important as keeping your home and finances together. Consider chatting to a financial advisor or someone you trust if you are feeling over-whelmed and not sure how to start budgeting better.

Debt counselling

If you think that the money you owe to your creditors are cutting it pretty thin compared to your income, you might want to consider debt counselling. This way, you can leave the admin and the stress in the hands of a professional. Your debt will be paid and you will still have money to run the month.

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