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 A young female shopping around for the best interest rate to help her avoid getting into bad debt. Speak to a financial adviser to help you manage your debt.

Managing your debt

Does your debt situation need a reality check? Getting out of debt isn’t easy. It takes a lot of effort to keep up with monthly bills, save for a rainy day, and pay the minimum monthly payments on your credit card or personal loans. It can feel overwhelming.

But changing your behaviour and developing the discipline to get out of debt will make sure that you become more financially secure over time. The first thing you need to do is just start.

Start by watching Geldhelde every Thursday, via, DStv channel 147 at 18:00, where we give you practical tips that you can apply to your everyday life to help you get out of debt and start saving. It’s possible, and we’ll tell you how.

Let’s get real about debt. Let’s get real about your financial success. Shift the way you see financial success. Partner with a financial adviser to get #AdviceForSuccess.

Debt in South Africa

South Africans have 31% less disposable income than 6 years ago due to the average net income remaining flat while inflation soars*.

*Source: Data from debt management firm DebtBusters Debt Index, SA’s leading and largest debt management company.

 

LIFEHACK

How to avoid debt

To help you avoid spending more than you should:

  • First establish the monthly instalment you can afford, even when the interest rate increases.
  • Do your homework and shop around for the lowest interest rate.
  • Debt repayment instalments shouldn’t exceed 40% of your income before tax (gross income).

LIFEHACK

How to avoid debt

To help you avoid spending more than you should:

  • First establish the monthly instalment you can afford, even when the interest rate increases.
  • Do your homework and shop around for the lowest interest rate.
  • Debt repayment instalments shouldn’t exceed 40% of your income before tax (gross income).


Stanley Gabriel explains that there is good and bad debt and that you shouldn't spend money you don't have. Rather speak to a financial adviser you can trust to create a budget that you can stick to and avoid getting into bad debt.
EPISODE 3: MANAGING YOUR DEBT

Don’t be afraid of talking about debt

The golden rules are don’t spend money you don’t have and don’t use one form of debt to pay for another.

You can choose the type of debt you want to have – one that hinders your financial dreams, or one that advances your journey to financial success.

In this week’s episode, you can learn how to manage your money and have a healthy relationship with debt. First, you should draw up a budget plan to understand how much money is coming in and how much is going out. Second, start with paying off your smallest debt that has the highest interest rate.

And if you’re in a really difficult position, seek the help of a debt counsellor who will be able to help you manage your debt so that you can afford it. Understanding your debt gives you peace of mind, reduces your stress, and allows you to create a financial plan.

Create a #MomentumShift by partnering with a Momentum financial adviser to get #AdviceForSuccess. Watch tonight’s episode on via DStv channel 147 at 18:00.


Next week Jeanette Marais will give you pointers about life insurance and how you can safeguard yourself and your family in the event of a serious illness, disability, or death.
COMING UP NEXT WEEK
EPISODE 4 | 2 June 2022

Life insurance

Life insurance helps safeguard you and your family from financial uncertainty if you were to become ill, disabled, or pass away. In the next week’s episode, we talk about finding life insurance to suit your needs.

The right adviser will help you manage your debt

The tips from this week’s episode may just be what you need to make a #MomentumShift. Speak to a financial adviser today.

19 May 2022

In case you missed last week’s episode: learn more about choosing a financial adviser


Catch Money Heroes re-runs on via DStv,
channel 147

Mondays at 06:00, Wednesdays at 13:30 and 19:30, Thursdays at 11:30, and Sundays at 18:00.

Join the conversation

Get #AdviceForSuccess to help you get out of debt

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