The saying counting your pennies has gotten a new lease on life with the current global economy. Inflation is on the rise; fuel costs are at a record high, and we’ve just seen another electricity tariff hike in recent months. South Africans are digging deep in their pockets and having to stretch their income in new ways.
Budgeting in South Africa
When it comes to budgeting in South Africa, many people don’t even have a budget. Some just simply don’t know how to start a budget. In the current economic landscape, if you don’t have a budget, then now is a great time to start. With South Africans feeling the financial pressure, it’s important to know what their money is being spent on to reduce spending where needed.
Many people are still recovering, financially after the pandemic which saw many lose their jobs or take a pay cut.
Saving have been drained and emergency funds are non-existent for the majority of South Africans. This has led to an increase in debt in our country.
Consumer Debt increasing in SA
IOL recently stated: “The Household Debt to Income ratio in SA currently stands at 67%, and it is expected to reach 75.00 percent by the end of 2022, as per the Trading Economics global macro models and analysts’ expectations”.
South Africans have been struggling to make ends meet and they have turned to debt to get by. Those who were under financial pressure have only managed to put themselves under even more financial pressure. Consumers have entangled themselves in so much debt, that they have no clue where to start when it comes to debt management. Not managing debt and paying monthly instalments can lead to bad credit scores, getting blacklisted and repossession.
Taking Control of your Finances
If you are feeling overwhelmed by debt or you don’t know where to begin when it comes to starting a budget, then Invest In Yourself can help you. We will be running a webinar where we unpack the importance of budgeting, where to start and practical ways to take control of your monthly expenses. We will also be discussing how to manage debt, the warning signs, debt counselling and plenty more.
Don’t be another statistic, take control of your financial situation today.
Invest In Yourself will be hosting a webinar that will cover everything we’ve mentioned in greater detail to equip you to understand investments so that you can start investing today.
IIY’s Budgeting and Debt Management webinar:
Date: Wednesday, 26 April 2023
Time: 12:00 to 13:00 and 18:00 to 19:00
Duration: 1 hour
Cost: R395.00 (Early Bird: R276)