Life Advice

6 tips on how you can tighten your belt in tough economic times

If you are travelling through toll gates, you might have realised that you are paying more than you did yesterday.

This is because government has introduced an increase in four essential taxes and financial experts are advising South Africans to tighten their budgets.

CapeTalk's Kieno Kammies speaks to Executive of Marketing and Corporate Affairs at Capitec Bank, Francois Viviers about personal budgeting advice.

Viviers says when working on our budget, we often focus on big expenses and overlook what we regard as "small expenses", such as bank charge spend.

The principles of budget will never change and if you want to make your balance budget you have to either increase your income or reduce your expenses.

Francois Viviers, Executive of marketing and corporate affairs - Capitec Bank

People often look at the big amounts on their expenses and sometimes forget about the fees they pay for banking.

Francois Viviers, Executive of marketing and corporate affairs - Capitec Bank

Viviers explains that there is currently an estimated R295 billion of "lazy deposits" - this is money that is sitting in bank accounts not generating any interests.

R295 billion if earned about 5% interest could've put R14.8 billion back into consumers pockets.

Francois Viviers, Executive of marketing and corporate affairs - Capitec Bank

Here are some of the tips Viviers gave in order to save on expenses:

  • Review all your subscriptions and cut out the ones you don't use much
  • Speak to your financial advisor to make sure that your policies and insurance are in good order
  • Make sure you know your bank fees
  • Make sure you understand everything that is on your bank statement
  • Manage how you shop
  • Use your bank card rather than withdrawing cash from ATMs which has a high cost attached

To hear the rest of the conversation, listen below:


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