How Going Back to Budgeting Basics can Alleviate Financial Strain


John Perlman spoke to the chief business development manager at Debt Rescue, Annaline van der Poel, about how South Africans can cope with the rising cost of living.

  • Many South Africans are incurring debt from just buying the bare necessities.
  • Van der Poel suggests revisiting budgets regularly can help with some of the strain.

According to Van der Poel we have seen the cost of living get progressively higher, particularly, over the past two years due to a number of factors.

It is just the combination of so many things and it is just getting progressively worse, so it is placing massive strain on South Africans.Annaline van der Poel, chief business development manager at Debt Rescue

The combination of the rising cost of petrol, electricity and other necessities means that so many people are having to desperately rethink how they spend their money.

Van der Poel said that South Africans need to go back to the basics of budgeting to afford being forced into debt for bare necessities.

A budget is a living document. It needs to be adjusted, for example, when the fuel prices go up and cost of living goes up… you can realistically maintain your lifestyle and not incur further debt to buy groceries.Annaline van der Poel, chief business development manager at Debt Rescue

While budgeting alone cannot fix the extent of the crisis, revisiting your expenses and finding ways to live within your means can mitigate some of the financial strain on those struggling.

For more information, read the full article here: https://bit.ly/3ezPG1C



Source link