How to save on those household expenses after lockdown is lifted
Now is the time to sit down and make up a list of ‘needs’ versus ‘nice to have’ and pare down where necessary.
We are now at about the two-week mark of the national lockdown. And, it goes without saying that many of us will find ourselves in a financially precarious position once the lockdown is lifted.
Now is the time to sit down and make up a list of ‘needs’ versus ‘nice to have’ and pare down where necessary.
Adrian Goslet, regional director and CEO of Re/Max of Southern Africa, said several household expenses can be lowered over this period.
“While it might take some effort to cut back on these expenses, homeowners will need to do whatever they can to make sure they keep up with their bond repayments or risk having their home repossessed by the bank,” he cautioned.
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Here is a list of possible items to look and adjust where possible.
1) Ask your bank for a payment holiday on your home loan and/or other debts
2) Negotiate a better deal on the interest rate on your home loan
3) Shop around for a cheaper life, home and car insurance policies
4) Find a more affordable medical aid policy
5) Cancel any inessential subscriptions (for example, DSTV / Netflix / Spotify / iTunes / Showmax)
6) Cancel or pause any club memberships, including gym fees
7) Purchase more affordable brands when grocery shopping
8) Downgrade your cell phone contract or switch to pay-as-you-go
9) Downgrade your internet connection
10) Save on fuel costs by walking to the grocery shops
11) Find ways to lower your electric bill (examples include setting your geyser to a timer, unplugging all electrical appliances when not in use, etc.)
12) Find ways to lower your water bill (examples include reusing grey water to water the garden, only doing your washing when it’s a full load, etc.)
13) Temporarily stop expensive habits like alcohol consumption and smoking
14) Temporarily stop buying grooming products such as styling gels, perfumes and makeup
15) Cut back on expensive cleaning detergents. Only buy essentials such as dishwashing liquid, bleach and laundry detergent.
Mr Goslet said that whilst giving up these things may prove challenging, South Africans need to practice good spending habits and financial discipline for the duration of this lockdown to avoid getting into massive debt over this time.
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