Africa’s largest bank by assets, Standard Bank, calls on their customers to be prudent when spending over this festive season.
The bank has encouraged customers to first identify their most pressing needs and pay for these before splurging on festive gifts and New Year braais.
“If you want financial security, having a stringent budget is imperative. A good budget helps you prioritise your spending to stay on top of your monthly expenses and setting up a budget gives you a clear idea of what’s coming in and going out of your account,” says Keshnie Hussain, Senior Manager: Personal Lending, Standard Bank.
Hussain adds that credit is all about convenience and is meant to allow you to achieve your financial goals on favourable payment terms.
“The festive season is about enjoying your time with loved ones but being wise about your spending will put in you in good stead financially. As a bank, we want our customers to know that we have a variety of personal lending offers that cater to your financial needs and emergencies”, concludes Hussain.
If you opt for a personal loan to supplement your need for extra cash, here are some useful personal lending tips to help you for the festive season:
- Make use of a monthly budget. Ensure it’s realistic and compare your actual spend with your budget every month to assist in determining how much you can afford to pay on a loan monthly.
- Know your interest rates on all your debt, make additional payments into your loan with the highest interest rate to reduce your total debt obligations.
- Always pay your debts on time to build a good credit record. A good credit record could help you qualify for better interest rates.
- Always read your agreement. Check that what you agreed upon is actually on the contract and make sure that you understand your obligations. Ask your Bank if anything is unclear.
- Do your research and understand all the charges (interest rates, service fees and initiation fee) that will be included in your loan.
- Plan accordingly so you will be able to afford the repayments of the loan and still have enough money left over after your repayment.
Provided by Standard Bank SA
