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MONEY

Dealing With Financial Woes

Because life just happens

BY Julia QA

Mar 28, 2022, 04:53 PM

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People often say that the people who fall under the middle-class category in South Africa are one salary or two away from downgrading to a lower class. The Covid-19 pandemic has proven this, many people in the country have lost their jobs due to their companies shutting down, they’ve faced retrenchments and thus facing unforeseen financial crises. We’ve listed ways one could reduce their monthly expenses to deal with financial problems. 

Consider Moving Back Home

This is a privilege that many of us do not have. If you’re renting a flat in the city and you have a home within the province, then you should consider moving back home. You could save the money you use for rent to cover other expenses or pay off your debts. No matter how tough life gets, your home will always welcome you. 

Move To A Cheaper Area

Some people do not have homes in big cities and the idea of going to their hometown is just not the option when one is looking for new opportunities and greener pastures in life. Life happens and you find yourself jobless and unable to afford the rent for the place you call home. Moving to a cheaper place/area is always a great idea until you’re are able to stand on your feet and able to afford to live in a spacious space. If not, you could share your space by getting a roommate who will assist you with paying bills. 


Prioritize Your Needs Over Wants

Facing a financial crisis means that you forget about the things that you want and focus on everything that you need. It all goes go back to Grade 5 economics, your basic needs such as food, shelter, water medical care will take priority, compared to your wants such as food takeaways, entertainment, gym, unnecessary subscriptions, and luxury cars. Reduce these unnecessary expenses and prioritise your needs. 

Use Public Transport

Going from using your private car to taking public transport is not an easy decision but it will save you money. The fuel prices in the country increase every month, the repo rate is also increasing and thus affecting your pocket. While they may not be the best in the world, the cities across the country offer different kinds of affordable transport for the working class and that could save you money. 

Buy In Bulk

If you can afford to, go to the big retailers and buy your food and necessities in bulk. In that way, you won't have to stress about food for good two-three months and you can be able to focus on other things.

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