CAPE TOWN - With effect from 6 September, the petrol price will rise by 67 cents a litre and diesel by 44 cents a litre. Don't let this affect your budget.
Nobody wants their budgets to fall victim of being destructed by unplanned expenditures. Fuel price can affect your budget directly or indirectly.
Marketing Manager for Budget Insurance, Susan Steward says, “If you haven’t looked at your budget in a while, then now is definitely the time especially considering the upcoming fuel price hike. Changes in both the economy and your personal life affect your budget, which is why it should be revisited on a regular basis".
Here are 10 tips to clean your budget:
- Have your income and expenses changed?
If you had a salary raise during the course of the year, find ways to best use your extra money.
- Have you been slack in paying off your debt?
Make sure you pay off your all outstanding debts, peruse your statements and see where you have lost the grip?
- Are you cutting corners where you shouldn’t be?
Insurance is usually the first that comes to mind when one wants to increase exposable income, of which this is not the best way to go. Insurances are as important as groceries.
- Are you willing to compromise and reprioritise?
You need to prioritise your purchases, sacrifice your items at heart and go for what your budget allows.
- Have you been sticking to your saving goals?
Savings are quite important, you should always look for ways to keep you on the saving track. You might be tempted to withdraw from your savings accounts, which is not right.
- Do you save for emergencies?
Some cases might catch you off guard, be prepared for healthcare and unplanned trip emergencies.
- Do you track your spending?
You must know your spending patterns, keep a record of a month to month records so that you know where you heading.
- Are you paying unnecessary and outdated fees?
Use what you buy. Are you reading that monthly magazine you are subscribed on, don't waste money on unnecessary stuff.
- Are your rewards programmes actually benefitting you?
Many stores have now developed the sense of giving back to their customer by affording them rewards. You should use them wisely, parallel to your budget.
- Are you empowering yourself with financial knowledge?
Use financial tools to keep up to date with customer related information, investments, savings and insurance.