Lifestyle audit
How to regain control of your finances
if your financial situation has changed due to economic challenges presented by the pandemic, your lifestyle may have followed suit, and perhaps you’re finding it increasingly difficult to maintain your pre-covid standard of living. It’s time to take a more proactive approach to ease the financial pressure.
We roped in Ester Ochse, product head at FNB Money Management, to help you look at how you can tweak your expenditure, which includes aspects such as bank charges, rental costs and bond repayments, among other expenses. Below, she offers her insights.
How you bank matters
Look at your banking behaviour: does your pricing plan suit your needs, and where can you cut down on unnecessary fees?
Remember to bank smartly and look at using digital banking channels instead of visiting a branch and working with cash, where your bank may charge you for a transaction you could do for free online. Digital banking is also safer and more secure.
Schedule debit orders close to your salary deposit date to avoid unnecessary fees should they bounce. Look at your bank statement and note down exactly what you’re spending money on.
Are you spending money on the things that matter most, such as your family, your child’s education and saving for your retirement?
Consider how you can save on rental costs
If you’re now required to work from home for the foreseeable future, can you relocate to a more affordable area to help you save money? But be aware of penalty, legal or other fees, review contracts carefully and consider moving costs you may incur.
Take advantage of repo rates
You may have benefitted from the reduction in interest rates over the last year, but don’t be tempted to spend that extra money just yet. Route the