If you’re struggling to make ends meet, it might be time to relook at how you manage your responsibilities so you can regain control of your finances. Perhaps your income has changed, your expenses have crept up, or your lifestyle needs an honest review.
If you’re finding it difficult to maintain your current standard of living, it’s time to take a more proactive approach to ease the financial pressure. We spoke to Ester Ochse, Product Head, FNB Money Management to help you reassess your spending. From banking habits to car repayments, she shares insights on how to make your money work harder this season. Below, she shares her insights...
Start by evaluating your banking behaviour
Does your pricing plan match your needs? You could be paying unnecessary fees simply by using outdated banking methods. Opt for digital banking wherever possible—it’s not only safer and more convenient but also helps you avoid extra charges tied to in-branch transactions or cash handling. Make sure your debit orders are scheduled close to your salary deposit date to avoid bounced payment fees. Also, go through your bank statements line by line. Are you directing money toward your most important priorities—like your family, education, or retirement?
If you're working from home permanently or more frequently, consider relocating to a more affordable area.
This could significantly reduce your rental or bond costs. However, be sure to check for penalty clauses, legal implications, and moving costs before making a decision. With the drop in interest rates over the past year, you may also be saving on your bond repayments. Instead of spending that extra money, consider paying more into your bond to settle your home loan faster or redirect it to clear short-term debt or build emergency savings.
Are both cars in your household still necessary?
With many people still working remotely, your travel needs may have decreased. Rightsizing from two cars to one can lead to substantial savings—not just on monthly instalments, but also on fuel, insurance, and maintenance. Again, review contracts carefully and be aware of any early settlement fees or penalties if you’re considering selling or refinancing.
Your phone and data usage may have increased in recent times
Check your contract to ensure you're getting value for money. Are you paying for services you don’t use? Are there more affordable plans available? If you’re thinking of switching, always consider the penalties and make sure the new contract meets your needs. When buying data, look out for deals or bundles that offer better value.
If your salary has taken a knock, it’s still important to maintain key insurance policies—but shop around to ensure you're getting the best deal.
Don’t cancel your car insurance, but do compare quotes to find the most competitive premium. Always compare like-for-like. Reassess whether you’re on the right medical aid plan for your current health needs and income. Consider getting professional advice before making any changes. If your income or family situation has changed, you may also want to reassess your life insurance cover. A cheaper plan isn’t worth it if it doesn’t meet your needs.
Try to avoid using credit to sustain your lifestyle
It may feel like a solution now, but short-term debt comes with long-term consequences. Make it a priority to pay off your credit card in full each month, and only use credit for essential items when absolutely necessary.
Evaluate your store accounts and decide whether the items you're buying are essential
If your dress code has changed due to remote work, you may not need to spend on clothes, shoes, or accessories as often. Instead, free up cash by postponing non-essential purchases, paying off high-interest debt, and shopping smarter—look for discounts, bulk deals, and avoid impulse buys.
If you're facing financial pressure, it’s better to dip into your savings than to take on expensive short-term debt. But use your savings strategically—prioritise paying off high-interest debt, building an emergency fund, or covering essentials.
By taking stock of your spending and adjusting your lifestyle where needed, you can regain control of your finances this spring. A seasonal reset doesn’t just apply to your home—it applies to your budget too. With a few smart tweaks, you’ll be able to breathe easier and feel more financially secure heading into the rest of the year.
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