Taking a good hard look at your budget is not always easy. This is how the City Press-Absa MoneyMakeover candidates took the first, all-important step of finding out where their money goes each month. Do you know where your money goes each month?
Go through your bank statements for the last three months to understand how much you are spending so you can adjust your finances.
By tracking his expenses, Mishack noticed that when he went to pay his clothing accounts, he ended up spending more money in the store. At the shopping mall he would buy his family lunch and often bought more items on the store card. Peter and his wife Helen with their three children have found sticking to a budget is much easier because it's a family effort. Picture: Leon SadikiIt is tough on a family to have to cut back significantly. So Peter and Helen have made it a team effort and are sharing their experience with their three children.
Catherien and her husband Jan have made their children a part of the budgeting process. Picture: Leon SadikiColen They are seriously considering selling one of their cars to cut down on car finance, petrol and insurance costs. As they live in a tourist spot in Cape Town, they plan to rent out their home through Airbnb during the December holidays to earn extra cash.Adviser Frouws identified opportunities for Mishack to save money via his Absa rewards cash back programme.
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