South African women don’t only tackle their daily schedules hands-on; they are also known as providers, chauffeurs, caretakers and so much more. It is therefore fair to say that women need all the support they can get – even if it requires financial guidance along their way.  

Since women endure and take care of various tasks and bills, DebtSafe’s debt adviser, Carla Oberholzer, says: “they should be notable for their uniqueness and also deserve a few pointers on how to embrace who they are, while developing a thrifty money psychology.”  

DebtSafe shares some tips and what a few South African women have to say about their current money behaviour and mindset: 

“I like to live in the moment and love spending time with my friends, especially when going out for some girl-time shopping.”

Cindy (mid-twenties & from Gauteng) 

SHOPPING / SPLURGING TIPS

To Cindy and all the social butterflies out there - keep on being unique, but do take note:

Try not to get caught in an ‘over-shopping’ epidemic or culture. A once in a while impulsive buy can be good for the soul, BUT, the question is, is it in line with that budget? Don’t spend just because others are splurging during certain outings. Only buy what is really needed and make sure shopping trips are properly planned beforehand. Do thorough research where the best buys are, and also compare prices before rushing off to the nearest store.

Remember: it is always best to not only stick to a budget, but to also have a monthly / weekly shopping list within reach.  

“Saving is not easy, I have to be honest BUT I always try to save a bit of money each month and whenever I can.”

Karabou (52 years old & from Limpopo) 

SAVING TIPS

Well-done to Karabou and all the frugal savers. Here are some extra saving tweaks to consider:

Try and stash a certain amount (small at first) away before other deductions creep in. In other words – women have to ‘pay themselves first’. This can put them in a new way of thinking about their finances while getting a financial habit going. Saving goes hand in hand with a timeline and financial goals. Women have to therefore, outline short- (Christmas holiday), medium- (a new car) and long-term (retirement) goals and see what their bigger savings picture involves.

Remember: There are various savings women can get going, but, an emergency fund is a crucial savings buffer that can come in handy. 

 “I love my phone. I usually make use of my calendar and different apps to make my life a little easier.

”Nadia (31 years old & from the North West) 

FINANCIAL PHONE APPS

Like Nadia – women tend to be lost without their phone these days. There are countless financial phone apps available; here are a few to consider:

• 22Seven: Money consolidation – consolidate accounts to get the bigger financial picture.
• Moneysmart: Managing money and spending.
• FillApp or Fuel Log3: Keeping track of fuel expenditures.
• Money Mammals Save for a goal: Practical app to teach children about saving.

Remember: Women should find an app or apps that will work for them and their own situation. Do some research and give one or two a try for a few months.  

  “Life is expensive. I can barely keep up with debt repayments because of the 2018 VAT and regular fuel increases.”

Indu (46 years old & from the Western Cape) 

CREDIT & DEBT TIPS

Life sure happens and it can be really tough for Indu and other women to continually try and keep the fort going. Here is advice about debt and credit agreements:

Women need to service their credit agreements as best they can. And, where possible – they should pay more than the minimum required fee or payment. They can consider alternative ways to help them achieve just that. Credit is not a bad thing, but women should not apply left, right and centre for it. Having spending boundaries is a good start OR ELSE they may fall in arrears and sit with the devastation of becoming over-indebted.

Remember: Women are in control of their own money. When things get tough they should first try and negotiate with their creditors. In worst cases, women should consider Debt Consolidation.  

August is #WomensMonth and it’s about time for a proper shout-out. Remind women to ‘own’ their money psychology by keeping their financials thrifty and manageable.

Do you have any idea what your credit record is reflecting? You might be under the impression that everything is A-Okay on your credit profile. But, what you don’t realise is, that it might have a few bumps and bruises already. Don’t you think it is about time to get, and keep, your score in check? “How on earth am I going to set the record straight again?” you may ask.  

According to Matthys Potgieter, spokesperson and debt expert at DebtSafe, you have to know what is going on with your credit profile to improve it or keep it in a ‘good/healthy condition’. As a start - you can download your free credit profile each year at various credit bureaus: TransUnion, XDS or Experian (to name but a few).  

On top of this, Potgieter also recommends four important things that you have to take into account to keep your credit score in check:

DEBT PAYMENTS / OBLIGATIONS: The debt cycle is very real – take a look at recent statistics provided by the National Credit Regulator (also known as the NCR). Perhaps you are in the same boat as many other consumers who borrow too much money which cannot be paid back in a time? Your credit score can look disastrous if you don’t take care of all your debt obligations. Don’t skip payments, rather make payments in a timely manner and try to pay off more than your debt amount requires (where you can). And, for future reference: don’t spend what you don’t earn and avoid superfluous credit agreements / accounts.

BUDGET: Since missing payments can affect your credit record, it is always best to start off by budgeting properly for each month. If you don’t have a budget that is ‘within reach’ / visible, you won’t have your bigger financial picture in mind. You can make use of a budget phone app, use plain old fashioned pen and paper or have an Excel sheet saved on your desktop.

SHORT- / MEDIUM- / LONG-TERM FINANCIAL GOALS: Apart from your budget, without financial goals, you are surely going nowhere getting your credit score sorted out. Do some proper research and find the best investment provider or options for your short-, medium- or long-term goals. These goals can range from expenses that you need to save for, like gifts (short-term goal), your retirement savings / investment (a long-term goal for example) OR, paying your car off (medium-term goal). If you have a specific goal in mind and stick to it, you will surely avoid missing any of your necessary payments. CREDIT

LIFE INSURANCE: It might be harsh but cut to the chase - do you have credit life / linked insurance to cover your debts during unforeseen events like death or retrenchment? Life happens - you don’t want your loved ones to be stuck with your debt and bad credit score implications, now do you? See to it that you have credit linked / life insurance in place as your backup. This type of insurance will take care of your debts when you can’t.  

Keep your credit score in check from now on. If, however, you are trying your best to incorporate these above tips in your daily finance management, and don’t see the slightest change in your financial situation or credit score – start to turn your debt situation around. You can contact DebtSafe to assist.