South Africa was headed for a recession way before Covid-19 turned everything upside down.
As a result, 2020’s prospects appear depressing. Planning for the future and saving can seem like an impossible task right now. However, with fuel prices dropping and interest rates slashed to historic lows – cutting back on expenses might be easier than you think, as we all look to ride out this pandemic and it’s blows to our economy.
Try these suggested to start making the best of a bad situation:
Evaluate your monthly budget Eating out at restaurants and other group entertainment options are a no go until Alert Level 1. Any extra money you have should be used to pay off existing debt – so you can reduce the interest owed and ultimately start saving money instead.
Set a strict grocery budget and stick to it. Food is one of the largest expenses of any household. If you want to save money, you’ll have to seriously rethink your shopping habits. Ditch the ready-made meals and buy ingredients in bulk instead. With everybody aiming to be Master Chef during lockdown – you can easily prep and freeze your meals so that you have cheaper homemade ‘ready-meals’ during the week.