Be honest about your current financial situation

First, you need to know where you stand. List all your income sources, whether it’s your salary, investment returns, or other earnings. Take stock of what you own — including savings accounts, investments, property, and other valuable possessions — and note down all your debts, from credit card balances to loans. You can start by simply putting this into a spreadsheet.

You might find that you’re actually doing a lot better than you think or find that your debts have ballooned out of control. Either way, this reality check will give you a clear picture of your financial situation and set you on the path to better money management.

Create a comprehensive and realistic budget

Keep a close watch on what you spend each month. Organise your expenses into clear categories—housing, transportation, savings, groceries, and leisure. The key is to prioritise necessities instead of discretionary spending so you can live within your means.

Build and maintain an emergency fund

SA debt counsellors also recommend building an emergency fund as a safety net for unexpected expenses such as medical emergencies or sudden job loss. Decide how much you need to feel secure and start saving towards it. It’s best to set up automatic transfers to your emergency fund to stay on track.

Manage and reduce debt

If you are really struggling to manage your debt and think you can benefit from guidance and legal protection from being hounded by creditors, it may be time to talk to SA debt counsellors. Start here at FindBetter.co.za.

Take a quick debt assessment to understand your credit profile. You’ll then receive a personalised overview of your finances along with recommendations tailored to your needs for managing your debt effectively. Our NCR registered agents will work with your creditors to consolidate your repayments into one more manageable monthly payment.

Find out more about our debt counselling here.