Times have never been tougher for South African consumers, says Neil Roets, CEO of Debt Rescue.
Low Savings
Roets points out that South Africa has one of the lowest savings rates globally, with most people having little left in their bank accounts at the end of each month. The cost of petrol, high interest rates and increased electricity tariffs are significant obstacles.
Practical Tips for Saving Money
Roets advises that saving money doesn’t require drastic changes. You could start by creating a budget to identify saving opportunities. Become a savvy shopper by researching and buying second-hand goods. You can plan and prepare meals to avoid expensive takeaways. Try and invest in energy-efficient appliances to reduce utility bills.
Debt Review is a Solution
For those overwhelmed by debt, Roets recommends seeking help through debt review to manage finances effectively. It’s never too early to ask for help.
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