What to do about Finances During the Coronavirus Pandemic

You may now have reduced hours or a change in your work schedule as a result of the
Coronavirus pandemic. While this may feel overwhelming, there are a number of things that
you can do to help you budget properly during this challenging time.

First things first:

  • Create a budget: this is always important. Have a look at the amount you are
    spending and what you are spending it on. Now is the time to take a hard look at the
    money coming in and what you can do to minimise the money going out. Consider
    only necessities, and see how you can cut costs on things like airtime and data
    purchases, unnecessary activity costs, and keeping your home’s utility bill as low as
  • Make a shopping list and stick to it: it is so easy to be tempted by the latest deals and
    specials, even when you don’t actually need the item. While it is not a clever idea to
    be tempted by bargains and promotions, it is sensible to see whether you will be
    able to save on purchasing some items in bulk. An example is toiletries. A bulk
    purchase of toilet paper can save rands in the long term.

What if I owe money and I am unable to repay it?

It may be that you will find it difficult to repay debt or large bills during this time. The most
sensible thing to do is to contact your credit providers. By doing so, you can discuss options
regarding payments or a new payment plan.
Debt counselling is another option that you could pursue. An accredited debt counsellor can
assist you with the information you need to on how to create a money-management plan
and manage the repayments to those who you owe. Debt counselling is a procedure
wherein the consumer is declared over indebted. The Debt Counsellor will negotiate a
restructured payment plan to pay your creditors. He or she will also obtain a court order
confirming the new repayment plan.
Worried about your finances during the pandemic? Speak to One Debt today.