We currently find ourselves in a financially precarious situation as all non-essential businesses shut down for a period of 21 days. This will result in a loss of wages for many South Africans and will place most of us under severe financial constraint.
Regional Director and CEO of RE/MAX of Southern Africa, Adrian Goslett, recommends that we all look at what we can live without for the short term and where we can make financial sacrifices in the form of our lifestyle choices.
“There are several household expenses that can be lowered over this period. While it might take some effort to cut back on these expenses, homeowners will need to do whatever they can to make sure they keep up with their bond repayments or risk having their home repossessed by the bank,” he cautions.
Below is a list of ways RE/MAX of Southern Africa suggests homeowners could consider to lower their monthly household expenses:
“While giving up these things will be challenging, I encourage South African homeowners to practice good spending habits and financial discipline for the duration of this lockdown to avoid getting into massive debt over this time,” Goslett concludes.