Millions of South Africans are ‘payday millionaires’ which has led to a growing debt problem in the country, says John Manyike, head of financial education at Old Mutual.
“When that payday cheque hits the bank, it’s time for a celebration. For many of us, this means heading for the closest restaurant, spending the money while the going is good, and there is enough money for the luxuries we enjoy,” he said.
Realising that those after-work drinks, the steak dinners and fancy whiskies are a thing of the past. Forget being a payday millionaire and start the month as you would normally finish it. Counting the cents and spending cautiously from the beginning will have immediate benefits. The debt sinkhole will get smaller and the days easier to cope with.
If you rent, downgrading is even easier. Speak to the landlord and explain your money position and that you want to break the lease agreement. This is better than leaving things and facing the stress of legal action because you are in arrears. Your landlord, who will end up paying these costs, will probably be quite understanding. You can also explore renting your property out to use your rental income to pay your bond.
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