Ease your financial pressures by understanding and managing your debts
Do you often find yourself cash strapped at the end of the month or maybe sometimes you feel like you are living from salary to salary? Are you frustrated with the amount of debt that you have? We understand and we can help.
We understand that you work hard for your money and want to spend it wisely. Do you find that you try, but still run out of money before payday. This happens to a lot of us as we tend to overestimate our income or underestimate our expenses. To manage your money better, you need to understand how much you have left after paying all your monthly expenses, and break down how much you spend on each expense item.
We all do it sometimes. We think that our salary is more than it actually is because we forget about deductions. This means we have a tendency to overestimate how much we earn per month.
To correct this view, log into your Standard Bank profile on the App or Internet Banking and download your three month statement. While looking at your statement, total up all of the items under the “Deposit” column or the amounts in green. The total over each month is your actual income that you have available for you to spend.
The Golden Rule is never spend more than you earn!
There are three broad expense categories: living expenses, luxury expenses and debt repayments.
Living expenses are basic items that you can’t live without, like a roof over your head and food to survive. However, some living expenses may be relative from one person to the next depending on your lifestyle. You need to monitor how much you spend on your living expenses to see if you can tighten your spending.
How can you reduce your living expenses?
- Look for specials or bulk buys when you shop for groceries. Many retailers run specials during the month which are printed in pamphlets or posted on their websites.
- Take advantage of loyalty and rewards programs. We offer you Ucount Points for every rand you spend at a partner retailer. You can accumulate these points and buy goods from various retailers or our Ucount mall.
These are non-essential items that you can live without but instead, upgrade your lifestyle, such as a holiday, eating out, buying expensive goods or splurging on entertainment…
The Golden Rule is to only incur luxury expenses after your living and debt expenses are paid.
The easiest way to manage your expenses is to set up a budget and to strictly keep to it. To learn more about budgeting, visit our budgeting tips page.
Another easy way to manage your expenses and to also make sure you do not miss any debt repayments, is to have a debit order loaded onto your transactional account. With a debit order, you never have to worry about forgetting to pay your debts. To find out more about debit orders, visit our debit order page.
What does it mean to be in arrears? Find out how we can help.
If you are struggling to manage your debt repayments, here’s how we can help.
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We can help you sell your home or car with little to no shortfall.
Find out about the debt review process or follow up on your debt review application.
We offer convenient, effortless ways to help you pay towards a Standard Bank debt.
The number to dial is 0860 000 158