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Debt management tips

Debt management solutions

We have several ways in which we can help you deal with your debt, whatever the financial situation you find yourself in.

How can we assist you

 

CHECK TO SEE IF YOU NEED HELP:

 
  • Are you anxious every month-end about debit orders bouncing?
  • Do you worry about having enough money to cover your debts every month?
  • Do you feel you are living from hand to mouth?

If you've answered 'yes' to any of these questions, it's time to evaluate your finances. There is help available.

 
1. Consolidate

  • Sign into Internet Banking.
  • Take note of your total income. While you may know how much you earn, there may be salary deductions that can reduce the actual amount of money that enters your bank account.
  • Analyse and add up all your living expenses such as groceries, fuel, clothing and school fees, etc.
  • Lastly, analyse and add up your debt repayments such as personal loans, home loans, car loans, credit cards, etc.

2. Budget

If you cannot reduce your living expenses, then a budget is your best tool. Creating a budget is not as hard as you may think.

  • Start by working out how much money you spend on debt every month.
  • Once you have calculated your expected debt expenditure every month, see how much you have leftover. This amount has to cover your living expenses.
  • Work out what groceries you purchase every month.
  • Next, look up the prices of these goods at the various retailers in your area. Remember, certain products can be bought in bulk without spoiling and this may be more cost-effective.
  • Work out how much you spend on fuel per month and see if you can cut back. Remember, at participating Caltex stations you get UCount Rewards Points which can go a long way in a tight month.
  • Next, add up any other expenses you have per month, for example, utilities, school fees, insurances and amenities.
  • You now have an estimate on what you should be spending for debt and living expenses. Going forward, make sure you keep to these expenses. Overspending on one of these expenses will reduce the amount of money you have left at the end of the month or prevent savings.

3. Loyalty Programmes

Does the retailer you shop at offer a loyalty program? Nearly all do, and this can add to your savings.

Standard Bank offers a great rewards program, UCount, which gives you Rewards Points for spending at partner retailers or having certain debts with us. Take advantage of the program as these points convert into money which can then be spent.

4. Negotiate

Did you know that some creditors are willing to negotiate your repayment term or interest rate? Negotiate with your creditors for a better deal. A saving of even a few Rand adds up at the end of the month. 

You can also apply this to insurances. Shop around for the best deal on your insurance but remember, do not change Insurers without being fully aware of terms and conditions you enter.

If you are looking for professional assistance in resolving your financial stress, why not contact our Debt Care Centre? They are a team of professionals that can assess your financial position and provide you with tailored solutions to fit your position. They are not debt counsellors, and this does not mean you are in debt review.

already In Arrears?

It's best to reach out for help before your financial situation gets worse. Missing debt repayments affect your credit score – making it difficult for you to get more credit. Get in touch with Standard Bank Debt Care Centre if you need assistance:  [email protected]