LIMIT LUX­U­RIES

Finweek English Edition - - MONEY -

Un­for­tu­nately, get­ting out of debt will re­quire a few sac­ri­fices. It’s hard, but if ev­ery­thing goes well, it’s only tem­po­rary. While Flem­ing ad­vises merely cut­ting back, Mwan­di­ambira says some­times this step can re­quire dras­tic mea­sures.

“A swift way to re­pay debts is to go cold turkey. This may mean mov­ing back home, mov­ing in with a friend and living with them for a few months. You can also con­sider putting all your prop­erty into stor­age and rent­ing a room for a while. Even if you are pay­ing a bond, you can con­sider rent­ing out your prop­erty. With­out a bond, rent and other living ex­penses, you can shave large chunks of your debt away. This may greatly in­con­ve­nience you, but may help you in the long run,” he says.

If that sounds too dras­tic, Syd­ney Sekese, CFP, ad­vises ask­ing your­self key ques­tions to find ways to cut back. “How much ex­tra debt re­pay­ment can I

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.