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Understanding your debt can help you budget better
Community Coordinator

If you want financial security, then having a strict budget is important. A good budget helps you prioritise your spending and stay on top of your monthly expenses and loan repayments.


Setting up a budget gives you a clear idea of what’s coming in and going out of your account. More importantly, knowing your interest rate on all your loans can help you decide which loans to pay off quicker to have more control of your cashflow.


Make extra payments on your instalments into your loan with the highest interest rate, to reduce total debt obligations. For example, a loan of R10 000 over 24 months, at an interest rate of 20.5%, with a repayment of R642.16 will incur a total interest of R2548.34. By increasing your instalment by R100, the term reduces to 20 months and interest to R2045.67


Top personal lending tips for budgeting:

Collate budgeting information - Start with how much money (net salary) comes into your account every month. Then look at how much goes out for expenses and for loan repayments.

Make some changes- Divide your expenses into two categories: fixed (rent or
bond) and flexible (groceries). Cut out some unnecessary flexible items such as buying coffee or lunch every day.

Be committed- Write your budget down and put it up somewhere you’ll see it on a regular basis.

Check your credit bureau information- You can get one free bureau report per year. Make use of it in order to align your financial goals or before you take up another loan.

Regular check-ups - There are plenty of apps to help you track your budget as you spend daily. Your budget should remain a work-in-progress, which you continually adjust to suit your changing lifestyle.


Apply for a loan in minutes from Standard Bank and make your next your now. Visit more information.