Six tips to take charge of your personal finances
5 min read
January is usually the most difficult month of the year to get through. A combination of early salary payments in December, going on holiday, buying presents, and kitting the children out for school, means that household budgets are incredibly tight.
Unfortunately, this sees many South Africans turning to credit to make ends meet. According to Debt Busters’ 2021 Q1 Debt Index, there was a 40% increase in debt counselling enquiries for January last year when compared to 2020.
To avoid you losing control of your expenses, we’ve compiled six tips that will help you level up your budget for the rest of the year.
1. The KISS principle
You can radically transform your finances by applying the ‘keep it simple, stupid’ principle. Budgeting doesn’t need to be complicated. Simply use the 50/30/20 rule. 50% goes to ‘needs’ like rent or electricity; 30% goes to your wants like clothing or eating out, while the remaining 20% goes to savings. Even better, by using the Spot app, you can easily set up those three accounts for mahala.
2. Cut those banking fees
One of the most frustrating things for all of us, is the amount of money that we ‘lose’ on banking charges. And it’s not like any of the traditional banks make it easy to understand all the different levels of transaction, deposit, or withdrawal charges. With Spot, we’ve made the fee structure as user-friendly as possible. And by using your Spot account to buy airtime or data, pay your municipal bill or school fees, you don’t spend a cent on transaction fees.
3. Embrace digital entertainment
Just because we’re back in the ‘real world’ after the holidays, doesn’t mean we must stop enjoying ourselves. You don’t have to spend hundreds of Rands going out. The Spot app makes it easy to rent a movie from your favourite streaming service at a fraction of the cost or enjoy exclusive discounts from Hyperli and SafariNow in Spot’s marketplace.
4. Save on insurance
Whether you’re a first-time car buyer or just looking at saving on your current household insurance, the Spot app can help you. Instead of spending hours on the phone or internet searching for a quote that meets your budget, get Spot to do it for you. Simply submit your details and we’ll put you in touch with insurance providers who understand your needs.
5. Sharing is caring
Why go it alone with your finances when you can work together with family and friends to save money? For instance, if you’re a student sharing digs with a few mates, set up shared accounts through the Spot app and split the costs of groceries, utilities, even petrol. You can also do the same with your household and let everyone be responsible for certain essential things.
6. Earn money when you spend
We’ve saved the best for last. When shopping at one of our partners using the Spot app, you will earn an instant cashback reward paid into your Spot Money Reward account. That’s right, you get cash paid into your account for spending money.
So, what are you waiting for? Go and take control of your finances today!