From emergency funds to those all-important insurance policies, here’s how to save smartly and get the most value for money.
Making ends meet in Mzansi can feel like a real struggle sometimes. From petrol prices to groceries, everything is getting more expensive. But don't stress, if you get smart about managing your money and have the right insurance products, you can get maximum peace of mind while enjoying more bang for your buck.
Tackle Your Debt First
It’s hard to start saving if you’re drowning in debt, so get rid of it fast. Figure out which debt is charging you the highest interest rate and focus on paying that off first. However, if you feel like your debt situation is too overwhelming don’t be afraid to seek professional help. A debt counsellor can negotiate with creditors on your behalf, possibly reducing your payments.
Create An Emergency Fund
From your car’s gearbox packing up to unexpected medical bills, things happen. Try to create an emergency fund by saving at least three months’ worth of living expenses in an account that you can easily access. Having a rainy day fund can be the difference between being able to afford a curveball versus going back into debt.
Get Serious About Saving
Once your debts are under control and you’ve created that emergency fund, get serious about saving. Creating a realistic budget will help you see where your money is going, then you can figure out how much you’re able to save. To make sure it happens, consider setting up an automatic transfer from your main account to a savings account every month.
Make Interest Work For You
While you’ll want instant access to that emergency fund, you’ll want your savings to stay put while earning a high interest. This is where long-term savings products like a fixed deposit account get to shine by offering a higher interest rate on a positive balance. Typically, the longer you’re will to let it sit, the higher the interest rate will be.
Why You Need Insurance
Now, let’s talk about something really important - life insurance and funeral cover. Life insurance provides your family a lump sum of money if you pass away. This can help them cover things like outstanding debts, living expenses, and school fees. Funeral cover is also a must-have. Without these policies in place, you might end up having to zap your entire emergency fund, dip into your savings or even go into debt.
MiWay Makes Life Insurance & Funeral Cover Affordable
One way to protect yourself financially is via life insurance. The cost will depend on several factors, including your age, health, and lifestyle. However, for most people, life insurance can be very affordable. As an example, you could get R500 000 worth of life cover from MiWayLife from just R164 per month!
Only want funeral cover? MiFuneral Policy allows you to customise your cover to fit your budget. Also, as it’s a digital-first product, you don’t have to pay a broker or extra administration fees. This way, you can enjoy a low premium while getting the cover you need.
The Bottom Line
Saving money takes planning and discipline, but it’s totally doable. By ditching your debt, making saving a habit and protecting yourself with the right insurance, you can build a more secure financial future for yourself and your family. Remember, even small amounts add up, so start saving smart today.
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
