Isaac Moledi
Isaac Moledi
Don't be tempted to over-indulge this holiday season and beyond. No need to be stingy, but be sensible and follow some money-saving tips from First National Bank.
l Pay all your bills on time. Remember, late payments have a negative effect on your rating.
l Take up a debit order and let it be set on the payment due date and the customer's amount payable (minimum due or full amount owing).
l Look at a 55-day interest-free period by paying your account in full on the due date.
l Lessen the number of credit cards you have.
l Consolidate all your existing budget instalments into one.
l Request in writing that your creditors reduce the credit limits on your accounts to lower your available credit.
l Create a realistic budget and stick to it.
l Read and understand your credit statement.
l Get mistakes on your credit statement fixed.
l Negotiate with creditors for better rates.
l Monitor results and stick to your plan.
l Draw cash from your own bank's ATM.
l Remember: good money management involves having control over your money - not the other way around.
Barrett Whiteford, head of FNB credit card marketing, says the best way to deal with credit problems is by develo- ping good money habits.
"Budgeting is the only way you will know where your money goes each month and where you can cut back if you are overspending," he says.
Be festive but frugal
Isaac Moledi
Isaac Moledi
Don't be tempted to over-indulge this holiday season and beyond. No need to be stingy, but be sensible and follow some money-saving tips from First National Bank.
l Pay all your bills on time. Remember, late payments have a negative effect on your rating.
l Take up a debit order and let it be set on the payment due date and the customer's amount payable (minimum due or full amount owing).
l Look at a 55-day interest-free period by paying your account in full on the due date.
l Lessen the number of credit cards you have.
l Consolidate all your existing budget instalments into one.
l Request in writing that your creditors reduce the credit limits on your accounts to lower your available credit.
l Create a realistic budget and stick to it.
l Read and understand your credit statement.
l Get mistakes on your credit statement fixed.
l Negotiate with creditors for better rates.
l Monitor results and stick to your plan.
l Draw cash from your own bank's ATM.
l Remember: good money management involves having control over your money - not the other way around.
Barrett Whiteford, head of FNB credit card marketing, says the best way to deal with credit problems is by develo- ping good money habits.
"Budgeting is the only way you will know where your money goes each month and where you can cut back if you are overspending," he says.