3 Tips to budgeting during the lockdown

As we strive to maintain healthy hygiene habits during the national COVID-19 lockdown, it is also important to still maintain healthy financial habits.While saving on fuel costs due to less travel and eating out may allow you to save money during the national COVID-19 lockdown, not being careful of how you spend may still lead to wastage.

Here’s what to be mindful of to ensure that you safeguard your budget during the nation-wide COVID-19 lockdown.

BUILD AN EMERGENCY RESERVE

Now is a great opportunity to possibly save the money you would have used on travel costs to work and dining out. Speak to your bank about opening a savings account that you can transfer and save this leftover money into for emergencies that may arise.

PANIC BUY

Panic buying can lead to unnecessary purchases and unwanted wastage. When doing your essential food shopping for example, keep in mind that the government and various large retailers have reassured the public that there will be enough access to essential goods. It is also important to consider the shelflife of fresh items you buy.

DON’T SKIP YOUR DUE INSTALLMENTS

If you haven’t made any arrangements with your creditors, you will still need to service your debts. Make sure you pay your accounts as you’ve committed to.

Learn more about the alternative payment options available to you to pay your RCS accounts from the comfort of your own home, including the RCS Customer App, online self-service or via EFT.

Visit the COVID-19 Coronavirus South Africa Resource Portal for official government-issued information on COVID-19. The Corona Virus (COVID-19) 24-hour hotline number is: 0800 029 999.

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