Personal finance tips for your peace of mind
When in debt, it’s hard not to worry about making payments or keeping on top of what is owed. With that in mind we have put together some cost-saving tips to help reduce debt and make better financial plans:
Monthly debt repayment can limit the amount of money you have to spend on other important financial needs, like retirement, that dream holiday you've always wanted to take or even medical care for your family. The cost of debt is high too. Not only do you pay extra interest and fees on your debts, debts can also weigh heavily on your household budget, limiting your ability to buy the things you really need. Most importantly, growing debt can impact your mental and physical well-being too.
If the debt is keeping you from accomplishing your financial goals, then it’s time to back the control in your financial life. With that in mind we have put together some cost-saving tips to help you reduce debt and take more productive financial steps:
Track your spending
Tracking your spending for at least 30 to 60 days is typically the first step in making a budget. It gives you an indication of where you need to cut unnecessary spending. It’s always a good idea to track spending on an ongoing basis if you're trying to get a handle on your money. By taking note of everything you buy in a notebook, on a spreadsheet, or in an app. When you monitor the flow of your money you'll give more consideration to each purchase and will spend consciously instead of carelessly. Once you know what you’re spending your money on, take the next step…
Make a budget
Living on a budget may not seem like fun, but if you're having trouble getting spending under control, a budget can help you to set limits. There are a few different approaches to budgeting, so you should be able to find one that works for you. Specify how much you'll save, how much goes to each fixed expense, and how much you'll devote to optional or variable expenses such as entertainment, groceries, and dining out.
Have no-spend days
One of the best ways to cut spending is to simply decide you aren't going to buy anything at all. Of course, you can't do this forever -- but you can aim for some no-spend days each month or even have an entire no-spend month. If you try a no-spend month, you commit not to buy anything other than absolute necessities, such as food, transport and the basic essentials you need to live. You could also turn it into a game to see how many no-spend days you can have during each month. Make it fun and competitive, compete with your spouse or children to see who cut spending the most.
Saving with VodaPay
The VodaPay app from Vodacom Financial Services offers users a variety of payment methods including near-field communication (NFC) (where you tap your phone against a terminal to pay) and QR (SnapScan and Zapper).
VodaPay allows you to link your bank card to a secure digital wallet, making transacting stress free. It is designed to simplify your shopping or payment experience while providing maximum security. It is completely PCI-DSS compliant, which allows a simple way to participate in the worldwide Mastercard Masterpass acceptance network, with the additional advantage of PIN-authenticated transactions – ensuring the utmost safety and security. In addition to allowing you to pay all your accounts and make in-store payments, the VodaPay app also makes it easy for you to top up your data and airtime from one secure space. Plus it provides amazing offers, such as 10% more airtime!
This standalone app covers all these bases for smooth one-stop functionality that transcends the basic digital wallet, making it the ONLY way to pay.
Here’s how VodaPay Works
- Download and register - Download the app for FREE. Register in 10 seconds for safe and convenient payments.
- Add your bank card - It doesn’t matter who you bank with, or what bank card you use, you can load any card onto the app.
- Transact - The VodaPay app makes it easy to pay for just about anything, from groceries to bills to online shopping.
- Track your spending - Stay on top of your budget by monitoring past transactions.