The best advice is to use a BUDGET to control your spending. What is a budget? A budget is a list of your income versus your expenses that you can use to plan how you spend your income. It is also a comparison of Budgeted (planned) amounts versus the Actual (as it happened) amounts, to see how good your planning was and if it was realistic, or should be amended. You must know exactly how much your income will be, what you must pay every month, and what you must save in order to buy things over the longer term. The more you can save for certain things, the less you have to borrow for these things. The less you have to borrow, the less you have to pay financing costs for these loans which means more money in your pocket.
We provide you with a short term loan solution for your unforeseen month to month expenses. We never intended to provide you with a constant source of income to cover your monthly consumer expenses. Avoid borrowing for consumer expenses.
It is your responsibility to make sure that you can afford to pay back the loan that you make with us.
Try to pay off your debts as quick as possible to avoid unnecessary financing costs and interest. The longer the loan the more costs you will pay, so also try to make the term of your loan as short as possible.
There are a lot of ways to pay off debt quicker, like paying extra on your home bond; by paying a little bit extra, you might decrease the term of your bond by years! That way you can save a lot of interest charges. This advice holds for most other forms of financing. Be careful however for so-called reconciliation or consolidation loans as this might end you up with paying more instead of less. Don't borrow money to pay of other loans as this might throw you into a debt spiral which will be difficult to escape from.
Don't make loans for luxury items that you don't really need, like expensive clothes or jewellery. Rather save for these items.
If you are financially stressed and start to experience constant problems to pay off your debts, look for advice. Talk to your creditors (lenders) first to see if you can reach a solution by restructuring your loan(s), i.e. by giving you a longer term for your loan(s) that will make it easier to commit to. A last resort will be to look for debt counselling, but then you are not allowed, by law, to make any more loans for a certain period, and this will also impact on your credit rating, so be careful if you go this way and make sure about the consequences.
Always strive to keep your credit record clean with the Credit Bureaux, by always paying back your loans with your credit providers, avoiding legal action against you. Your good clean name is always your best asset.