South Africans battle to keep up with the rising costs of fuel, food, electricity and interest rate hikes yet salaries stay stagnant which makes budgeting a real battle.
Side hustles are a must for many to make it to the end of the month. Understanding how and where you can cut back on spending and stock up on savings is crucial.
The first step to creating a successful budget begins with deciding on your wants versus your needs. A want is an expense that is not necessary for survival, whereas a need is essential for daily living, working and moving around. These include housing, rent or bond, transportation, utilities, food and data.
We asked Indwe Risk Services to share tips on how to save insurance costs:
- Get quotes on your homeowner insurance and compare them to what you are currently paying through your bank or bondholder. Switching from your bank to your insurer could save on bank costs.
- Insure all your assets with one insurer to simplify the process and enjoy a potential discount
- Relook at your excess options and increase your excess payable to lower your monthly premium
- Making annual or biannual payments often results in a discount
- Keep track of policies, especially if your life or circumstances have changed
- Reconsider the efficacy of policies. Are they still relevant and will they achieve the intended outcome should something happen?
- Make sure your insurance covers the potentially catastrophic events that can ruin you financially.
- Look at alternative medical aid structures together with gap covers.
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