Consumers must take drastic action to get out of debt!- Debtsafe
DebtSafe advises consumers to save on monthly expenses. The company, specialising in Debt Review, recently released its results of a survey about spending and saving habits of consumers in South Africa.
Wikus Olivier, Debt Management Expert at DebtSafe, says it is alarming to discover that only 4,5% of respondents in the survey showed they save more than 10% of their salaries every month. An astonishing 39,4% indicated that they do not save money. This means that they don’t have money left to put away in a bank account or official scheme.
“There is a way to be able to have money left to save at the end of each month; and this is simply by spending less,” says Olivier.
It is not easy though… Living expenses rise but people’s incomes stay the same. In the above-mentioned survey a staggering 53,3% of the participants indicated that their income is insufficient to cover monthly expenses.
“We are passionate about helping people to get out of debt, and our customers are urged to start taking control of their budgets. If you know what your financial situation looks like, you will be able to see how much money you spend on non-essential goods versus the essentials. Cut out non-essential expenses immediately,” Olivier continues.
Make price comparisons and pay less…
A good way to save on your expenses is to spend less money on items such as groceries, insurance and technology accessories (just to name a few categories) by comparing prices of some of the popular retail stores in South Africa.
One of the most advanced and accurate price comparison websites currently iswww.pricecheck.co.za. The website gives you the ability to compare a huge variety of product prices from the comfort of your computer or mobile device – upload the app on your smartphone to find the best prices in your area.
PriceCheck has built the first African mobile barcode scanner into their app; so, by using the in-app barcode scanner, you can scan a product in the store and receive prices, store and location information instantaneously.
Olivier is positive about consumers making price comparisons, because in the DebtSafe survey 91,7% respondents indicated they do price comparisons before they purchase a product.
Beat your budget with Coupons and Vouchers
“Another way to save on monthly expenses is making use of coupons and vouchers. But firstly, consumers must distinguish between coupons and vouchers,” adds Olivier. “A voucher only gives a once-off discount; whereas a coupon can be used for a number of times, until the coupon’s credits are used up.”
The use of coupons in South Africa is increasing due to the fact that more people just don’t have enough money to buy even the basic expenses.
“Coupons result in people being able to buy more things, but the secret is still in setting up your budget according to your income. Consumers have to become credit savvy and the team at DebtSafe is educating the market on how to live within their means,” adds Olivier.
He says people HAVE to worry about their finances because only 37,3% of respondents in the DebtSafe survey showed that participants have a plan to change their spending habits. When you cut your expenses, you will be able to put money away into an investment or savings account.
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