Compare Insurance
Once you have taken care of your debt and have a budget planned, you may feel that your new budget is restricting your lifestyle too much. I felt completely smothered by my new financial regime and in spite of no longer being harassed by creditors and banks, I felt like my life was essentially over for the next 6 years. I felt liberated, but also confined to a lifestyle that bored me to tears. This was easily remedied by making a few subtle changes to my day to day life. I suddenly found that I had more money available due to me just trimming a few unnecessary expenses.
The first thing I did was to compare car insurance quotes. With a little searching, I got multiple quotes and saved R500 per month on my monthly insurance premium. I was astounded that this was actually possible. I thought I had the cheapest car and home insurance!
In addition to getting new quotes on my short term insurance, I also started paying attention to my other day to day expenses. I started switching off my geyser at night and switching it on in the morning before I went to work. My electricity bill almost halved! I also got rid of my oil heaters and replaced them with gas heaters. They are much more economical than oil heaters and are much, much more effective.
I started buying my groceries in bulk wherever possible. I packed all my meats and other foods in portion packs. This allowed me to cook for myself every night and not waste any food because I had to defrost the entire pack of chops and throw half of it away. Also avoid expensive food for your pets. Unless they need a specialised diet, buy the more mainstream brands. Check the bags for ash content (you want it low), cereal content (you also want this low) and meat content. You will certainly find a brand that your pets love and that your budget loves even more! I have two dogs and two cats; I feed them regular store bought food which costs very little per month. They love it and their coats are shiny and healthy.
Although this site only outlines a few options that are available to you, the Internet is awash with really good advice but be wary of companies that try and sell you a quick fix. Getting out of debt takes a lot of discipline, time and effort. Whatever you do, don’t despair, the law is on your side and your creditors usually just want their money back and are usually quite happy to enter into a repayment plan. Whatever you do though, never default on payments once a repayment plan is agreed upon. This will get you on the blacklist so fast your head will spin.