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How to Survive the Lockdown Financial Blow!

Many people around South Africa and even on a global level have experienced financial strains courtesy of COVID -19. The most important thing is not to worry, worry has ability to consume you and cloud judgement but while not worrying it’s also pertinent that one looks at each situation objectively and makes the necessary alterations. It’s time to ‘tighten up the belt’ so to speak and here at Home-Connect we’ve compiled a list of tips and tricks to tighten up the belt with the least amount of resistance.

Look at your budget

Step number one involves taking an honest look at your budget and financial health. This involves three key items; How much you earn. How much you spend. And what you save each month. From these figures, you can determine whether your disposable income has increased or decreased during the Lockdown.

What can you live without

If you have less disposable income than when this pandemic began you need to look at what you can live without. As a nation, many of us have saved copious amounts on expenses like petrol, parking, take-away coffees and eating out but as things return to a semblance of normality we need to look at those sneaky items that we can live without. Walking through the checkout counter tempted by that chocolate? Say No! Love having wine at dinner? Perhaps look at a cheaper bottle. In microeconomics, ‘utility’ refers to the degree of pleasure or satisfaction an individual receives from an economic act. Up your utility by purchasing cheaper goods that provide you with the same pleasure as expensive ones.

Find alternate income streams

The world wide web and combined with our #UnbeatableFibreInternet means that we now have access to a national and global economy. The great things about buying goods and services from faraway lands means you can offer skills and services to people in faraway places. From teaching English online to blog writing to offering your creative skills on websites like behance.com  – we live in a global economy and we should use the world wide web to our advantage. Need inspiration? Here’s 50 Ways to Make Money on the Side.

Get 4-Months Free Internet with Home-Connect

Here at Home-Connect we know how tough the lockdown has been financially for many South African and thus we are offering you the chance to switch from ADSL to our #UnbeatableFibreInternet and receive 4 months internet absolutely free in Partnership with Vumatel. Yes, you read correctly! 4 months of our lightening-fast internet with no change to your bank balance. And if that doesn’t tickle your fancy – we’ll also install and activate our fibre internet with no cost to you. Just remember that this offer only applies to Vumatel installations and the promotion ends on 31st January 2021. Check for coverage here.

Save save save

If there’s one thing COVID-19 has made us crucially aware of is the importance of saving. Yes we know, saving can be difficult, but think about it this way, saving is a way of taking care of your future self! Experts suggest putting away money for an emergency fund. That is a fund that will help ‘float your boat’ should anything major happen, like the loss of a job. Try to save 6-months of your full salary for a rainy day. You can do this by simply saving 10% of your total income each month. Although this might not seem like much, overtime it’ll end up being a healthy sum of dollar. Einstein did once say, “Compound interest is the eighth wonder of the world.”

Say NO! to debt

Tis the season to be debt free… The silly season is fast approaching, blink and it’ll be here. We all know how tempting it is to exceed your budget over the festive season buying food, presents and going on holiday etc. Especially if COVID-19 has dealt you a financial blow. But we encourage all to remain debt free. Do this by setting out a clear and honest budget and sticking to that budget religiously.