Answer:
The recession has affected people’s job security, savings and trust in established companies the world over. But by adopting some smart financial habits you can keep your money safe without having to make too many lifestyle changes.

Here are a few ideas to get you started:

• Obvious to some, but implemented by far too few, a budget can help you understand where your money is going. By keeping track of that cappuccino or quick takeaway sandwich, you’ll soon identify what you can live without. Instead of that daily cappuccino, keep the extra R15 and use it towards a Friday night out with friends.

• Start saving (if you haven’t already). While you may not have thousands of rands to invest, consider opening a savings account that provides a safe, secure and convenient place to store your money and let it grow. Shop around for the lowest banking fees and the best savings interest rates you can find.

• Pay off your credit card and settle any store accounts you may have. If you buy on credit you’ll pay interest on the outstanding amount which means your purchase will cost you more than it would have if you paid cash. Credit cards and store accounts also charge the highest interest rates in the market, so get rid of these debts first.

• Use a debit card instead of a credit card at retailers and even draw cash at till points for as little as R1 a transaction. As debit cards deduct money immediately from your account, you need available funds. Credit cards on the other hand, allow you to use money you don’t have and increase your risk of getting into debt.

For further information about Capitec Bank, click here!

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