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If you are battling to pay your debts, consider making an
appointment with Interface and speak to our accredited debt
counsellor.
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Pay off short term, high interest debts like store accounts
and credit cards.
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Stop using credit cards and start paying cash or use a
debit card.
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Make sure you are not paying more for bank fees or interest
than your agreement stipulates. Ensure you are on the most
cost effective fee structure for your needs.
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Limit the use of your ATM card - those fees eat away at
your bank account.
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Pay more than the required minimum repayment amount of your
account if you can afford it.
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Review your insurance costs with your broker.
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Try to increase your income I.e. do overtime or get a
second after-hours job - use this money towards paying off
your debts.
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Resist temptation. Is the item you desire really necessary?
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Cut down on luxuries, that might be anything from
cigarettes and alcohol, to expensive chocolates or toiletries,
to unnecessary clothes or furnishings.
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Do not take out any more accounts or loans, pay up what
you have and use the cash saved on interest to make
wealth-creating investments.
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Create an emergency savings fund so you don't have to rely
on credit should disaster strike.
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It is essential to have a budget and stick to it - trim
expenses to the minimum
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Write down your plan of action, pin it up on a noticeboard
and stick to it.
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Cook for yourself - avoid expensive take aways or
pre-cooked meals, if you invite friends have a bring and
share, don't pay for all catering costs yourself
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Identify something that you want to do once you reduce
your debt , like going on an exciting holiday - it will
motivate you to get out of your debt
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Consider a consolidation loan
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Do not commit to new debt to pay existing debt
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Shop at sales.
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Plant a vegetable and herb garden, the food is healthier
and fresher and costs nothing.
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Keep glass jars and make your own preserves, jams,
marmalades and pickles when in-season food is plentiful and
cheap. It is far more delicious than those bought in shops and
lovely as gifts.
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Name brands on clothes are for the nouveau riche - switch
from name brands on food, clothes and everything else and opt
for cheaper alternatives.
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Take very early morning or late night flights to save
costs.
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Gets an executive car parking company to meet you at the
airport and park your car if going on a long trip, it's
cheaper than taking a shuttle and much cheaper than parking at
the airport - plus they clean the car too.
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Meat is expensive and too much is unhealthy, eat more
pasta and vegetarian foods.
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Take out a video store contract; it's cheaper than movie
tickets.
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If you pay cash, ask for a discount - good stores will
always give you one.
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Roof insulation cuts heating and air-conditioning bills.
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Underfloor heating is cheap if you do-it-yourself and can
cut up to 40% off your winter heating bill.
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Buy books at second hand book stores.
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Encourage your children's school to have a second hand
clothes store and to include satchels, books and shoes too.
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Always get three quotes before you buy anything
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Ask for a discount if you pay cash, most retail outlets
will give a 10% discount for cash
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Every time you get paid, put away something in savings,
even R50 a month gives you R600 a year before interest. Once
you have reached R1 000 put it in a saving scheme with high
interest and where the money is difficult to access such as a
32 day call account, or Post Office Retail Bonds.
