South Africa is entering a sharp economic downturn according to analysts and with its high unemployment and poverty levels it begs the question, “will ordinary citizens survive the harsh realities that are looming?
Suzanne Claasen, Managing Executive: Finance Business Partner for Vodacom Financial Services says, “I believe that now more than ever, it is important for us to make wise financial choices that will help to minimise the impact of the recession so that it leaves us in a stronger position to take advantage of new growth opportunities. Now is the time for us to focus on expense reduction and get creative about saving.”
Tips on how to survive the recession
Create an emergency fund
If you don’t have an emergency fund – a cash reserve for unexpected expenses – now is the time to create one. The good news is you don’t need a large sum of money to get started. Start off with a clear monthly budget. A budget will help you identify how much you have left once your bills and expenses are paid. Once you have an idea of how much this amount is, save it. The key is to make sure that you don’t dip into your savings unless you are facing a rainy day.
Don’t depend on one source of income
Multiple sources of income offer you a buffer against unnecessary debt and late bill payments that may lead to high-interest charges should the one stream of income you are depending on dry up. Re-evaluate your skills and find ways to monetize them part-time. For example, if you are good at writing or working with numbers, you can offer your skills to small businesses.
Get a cash boost with an affordable repayment period
Having a bad month where your finances are not able to cover your essentials? You should consider getting a Cash Advance from VodaLend. This product is accessible on the VodaPay app to all South Africans who are on the Vodacom network. Qualifying customers can access up to R500 in cash to cover essentials such as food, electricity, and transport fare to commute to work or school. The amount you qualify for, is dependent on your credit profile and how much you will be able to repay. Once you have applied and are approved, the money is deposited immediately into your VodaPay Wallet and can be paid back within a maximum of 28 days.
Quintin van Vuuren, Executive Head of Lending at Vodacom Financial Services says, “As we come face to face with another tough recession, we wanted to provide customers with easily accessible cash when it is needed the most. The VodaLend Cash Advance product is one such option. With affordable repayment terms and a seamless application process on the VodaPay app, we designed this product with our customers in mind. We have also made this product available to customers who are new to credit and are still building up a credit profile as part of our mandate of making financial solutions accessible to everyone.”
With Cash Advance from VodaLend, you don’t have to worry about unlawful interest rates or handing over your ID document as proof that you’ll be able to pay back the money. An added benefit is, you can make your cash boost go further with deals of up to 50% off from leading brands such as KFC, Makro, OneCart, QuickBus and many more on the VodaPay app.
Click here to check if you qualify for a Cash Advance.
