PROPERTY NEWS - We currently find ourselves in a financially precarious situation. This will result in a loss of wages for many South Africans and will place most of us under severe financial constraint.
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, recommends that we all look at what we can live without for the short term and where we can make financial sacrifices in the form of our lifestyle choices.
"There are several household expenses that 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 cautions.
To lower your monthly household expenses:
• Ask your bank for a payment holiday on your home loan and/or other debts;
• Shop around for a cheaper life, home and car insurance policies;
• Find a more affordable medical aid policy;
• Cancel any inessential subscriptions (for example, DSTV / Netflix) ;
• Cancel or pause any club memberships, including gym fees;
• Purchase more affordable brands when buying groceries;
• Downgrade your cellphone contract or switch to pay-as-you-go;
• Downgrade your internet connection;
• Find ways to lower your electric bill;
• Find ways to lower your water bill (reusing grey water);
• Stop expensive habits like alcohol consumption and smoking;
"While giving up these things will be challenging, I encourage South African homeowners to practise good spending habits and financial discipline for the duration of this Covid-19 lockdown," advises Goslett.
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