Watch the videos here

77% of South Africans have no money left at the end of the month. People are literally trying to survive from paycheck to paycheck. Whenever they receive their income they use it to repay debt and pay for expenses they already incurred. This situation does put a lot of strain and financial stress on households and as frightening as it may sound it is a reality for many South Africans.

Living from paycheck to paycheck has a bigger impact on your overall financial wellbeing: There is no money left to save at the end of the month. There is no money left to pay towards reducing debt quicker. There is no money available when an emergency or an unforeseen event incurs. Ultimately more debt will be needed in order to get through the month. When debt is needed to pay for daily living costs a red flag should be raised. This situation is a negative spiral that you have to pay attention to before it hits the ground.

If you find that you are barely surviving and eagerly waiting for pay-day to get you through the month you have to take action getting yourself out of this situation. Start off by investigating your actual monthly expenses and identify potential savings. Apply the saving opportunities that you have identified regardless how small and immaterial it might seem in the bigger scheme. Every small bit of savings add up. Implement a proper budget and keep to it. There is always opportunities to cut expenses but you will find that you can cut expenses up to a certain point and thereafter it is not possible to cut expenses any further. If you have cut your expenses down to the bone, you need to start looking how to create additional income sources in order to create financial stability.

During the next few weeks I will be discussing the 10 financial concerns many South Africans have in more detail – subscribe to my YouTube channel for free and follow all the discussions.

Written by Ronel Jooste

CA(SA), Financial Consultant and Coach, Blogger and Speaker

Contact Ronel:

For more information about my financial wellness programmes visit the website