FNB Spokesperson: Dhashni Naidoo, Programme Manager at FNB
Households will start
to feel the financial impact of COVID-19 in the months to come. So it is
important that we plan, prioritise spending, manage debt, use resources
sparingly and be disciplined about sticking to the plan.
- Children will be at home for an extended period – readjust your budget to cater for the additional costs that usually come with the kids being at home.
- These trying times
call for cautious spending. Cut back on luxury items and unnecessary expenses.
Save where ever possible. One cannot predict how long it will take for
the situation to stabilise. The idea is that adopt a disciplined way to
managing every cent and make sure we are keeping some money aside to help us
- Look for specials, buy
only what you need and use your loyalty reward programmes for
- Take advantage of the
reduced repo rate by the South African Reserve Bank which is now at 5.25% and
prime lending rate at 8.75%. This is a much needed financial relief for
consumers, it means consumers will be paying less for debts such as car, home
loan and personal loans. The extra available funds can now go towards your
saving or paying off debt quicker.