Covid-19 Outbreak SA Online Resource | More info
Insurance, Car Insurance, Funeral Cover, Life Insurance, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Business
Life and Funeral
Car Insurance
Cover your vehicle
More Information
Get Quote
Pre-Owned Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Extended Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Scratch and Dent
Cover small dents, chips and scratches to your vehicle
More Information
Get Quote
Tyre and Rim
Cover damages to your wheels
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Life Insurance
Provide for your loved ones
More Information
Get Quote
Disability Insurance
Protect your paycheck
More Information
Get Quote
Serious Illness Insurance
Cover yourself for illnesses like cancer, Alzheimers, Parkinsons, strokes or heart attacks.
More Information
Get Quote
Funeral Cover
Protect your family financially and cover funeral expenses
More Information
Get Quote
Domestic Worker Insurance
Cover the person that looks after you and your family everyday
More Information
Get Quote
Menu
Home
About Us
Domestic Worker Cover Quote
Life Insurance Quote
Car Insurance Quote
Funeral Insurance Quote
Extended Warranty Quote
Pre-Owned Warranty Quote
Scratch and Dent Quote
Tyre And Rim Quote
News Room
Meet The Team
Careers
Providers
Insurance
Car Insurance
Building Insurance
Household Contents Insurance
Life Insurance
Disability Insurance
Serious Illness Insurance
Domestic Worker Insurance
All Risk Insurance
Funeral Insurance
MotorVAPS Cover
Commercial Insurance
Commercial Vehicle Insurance
Directors and Officers Liability Insurance
Errors and Omissions Liability Insurance
Support
Contact Us
Terms of Service
Privacy Policy
Disclosures
Client Letter
POPI Act
PIA Act
CIM Policy
Complaint Escalation
TCF Form

News Room

How to Become Debt-Free in 3 Easy Steps

Compare Guru
2016-07-25
Help! I’m drowning in debt. These might be words you are thinking but don’t want to say for fear of feeling like a failure, but many of us feel the same way. (...)
As the cost of living continues to soar, the biggest financial mistake you can make is failing to acknowledge that you might be at risk of becoming over-indebted, says the Association of Savings and Investments of South Africa (ASISA). There are a few sure ways to get yourself back on track, however, according to ASISA. Want to become debt-free? Apply for a free debt review here.

Here are three easy steps to ensure you are always debt-free

1) Take a reality check and draw up a budget

You need to look at your essential expenses versus your less essential expenses. Essential expenses, for example, include groceries, petrol to work, schooling, and rent or mortgage payments, while non-essential expenses include an extravagant car, expensive clothing, meals at restaurants, concert tickets, the list goes on. Once you have determined these, you need to draw up a budget, and start the ball rolling to cut those unnecessary expenses by selling the items you do not need, downgrading your lifestyle and paying off those store accounts and credit cards as soon as possible.

2) Free yourself from debt

The Association also recommends debt consolidation as a freely available lifeline in the ocean of debt. Debt consolidation agencies specialise in packaging your debt and dealing with your creditors. However, make sure the agency is reputable before you sign up. Also, consider the fees charged. If you feel it does not make sense to consolidate your debt into one monthly installment, you may prefer to apply for debt review, to get advice and assistance on dealing with creditors. DebtFree

3) Plan for the future

Real financial progress can only be made when you have not only cut all non-essential debt but have also budget for the future, as well as The Vanguard Group explains that benefits of an emergency fund include keeping stress levels down by covering those unexpected bills, preventing spending on a whim and ultimately preventing bad financial decisions. But your savings shouldn’t stop at emergency funds; they need to extend to investments in education policies for your children, saving for your retirement as well as taking out competitively-priced short term risk cover. It is natural to want a reward yourself after working hard to rid yourself of debt, but you must look ahead. Create a clear set of long-term goals such as saving for a home, a child’s education or your retirement. Focusing on these goals will help to prevent you from wasteful spending and falling back into poor financial habits according to Peter Dempsey, Deputy CEO of ASISA. Dempsey adds that most of us get into financial trouble at certain times in our lives and it is nothing to be ashamed of - we just need to ensure we take the steps towards financial empowerment as soon as possible.  
CompareGuru Social TwitterCompareGuru Social FacebookCompareGuru Social LinkedIn

Sign up to our Newsletter now, and don’t miss a beat.

Email Address
Name
Sign Up