The Covid-19 pandemic has really disrupted our lives. As a country we are still trying to find ways to survive this year. Most South Africans are dealing with the financial setbacks as a result of the virus outbreak.
Re-evaluating our lifestyle and habits
It is no secret that the Covid-19 pandemic has forced us to re-look and re-evaluate our lifestyles and saving habits. The national lockdown, which was introduced in March this year, showed us that we can live without “spoiling ourselves” at the end of every month.
Here are some saving tips which you can still implement in order to survive the rest of the year:
1. You can live without alcohol. There is really no need for you to be buying expensive alcohol which is sold illegally around the country.
2. You can live without going out. You were able to survive more than 3 months without going out to the clubs, to the cinema or restaurants in general. So why not continue with the new habit.
3. Takeaways every month end are unnecessary. One of the restrictions implemented during the start of the national lockdown was that takeaways were not allowed. Although it took some getting used to, we eventually got used to the idea of not having takeaways every month. So why not continue with the habit for the rest of the year.
4. Avoid acquiring more debts during this time and for the rest of the year. Do not use your credit card. Do not request credit increase from your bank. Do not apply for any loans. Do not take up any new contract or open new accounts.
5. Save the money which is meant for you to “spoil” yourself every month end. We know developing a saving habit can be difficult. But try to save as little as R200 a month. Try and calculate how much you would usually spend on takeaways to spoil yourself after pay day. Calculate how much you would spend on alcohol on a month. Then after calculating, let that be the amount you save from now until the end of the year.
Times are hard, millions of South Africans have lost their jobs, so if you can cut down on some non-essential items until the end of the year then do it.
*Please note that at Stokvel Academy we are not a financial institution and we are not accredited to offer financial advice. We are just sharing ideas which may assist our Stokvel community to survive during the Covid-19 pandemic.