FEBRUARY IS A FINANCIAL RECOVERY MONTH

Wednesday, February 4, 2015

 

More people experience the consequences of overspending during the holiday season. According to Year End Holiday Survey consumer trends indicated a cut on leisure and holiday expenses amongst South African households during the 2014 festive season. The survey further indicated that 66% of consumers prioritised essential household expenses such as groceries and electricity bills.

“School fees, stationery, groceries and other necessities such as fuel are some of the basic expenses people in during January. This means that February becomes the month for financial recovery,” says Derek Wilson, Head of Hippo.co.za the price comparison website.

Overspending during the festive season causes financial strain, resulting in people having to cut back on costs just to survive the month of January. “The most effective way to survive a bad financial month is to plan ahead,” says Wilson.

Here are some tips on saving money:

  • Before deciding to cut back on costs, make a point of saving money every month, no matter what. Start with a small amount in the beginning of the year and increase this amount as the year progresses. Use your savings as holiday spending for the end of the year or to assist with financial recovery after the next holiday period.
  • Reconsider on-going monthly expenses. This is the time to plan around cutting down on your cell-phone bill, Internet usage and other bills such as buying lunch when at work.
  • Start a “no-junk-food” health programme with your family to not only live healthier, but also cut back on high junk food costs.
  • Collect all your older electronic devices no longer in use and sell them for cash at a reputable pawnshop or Cash Converters. This can be used to assist with the January budget crunch or to add to your savings.
  • Save on monthly grocery bills by purchasing dry grocery items such as canned food, condiments, and cleaning products in bulk from wholesale stores.

Wilson adds, “Insurance premiums could be identified as another increasing monthly expenditure. By visiting Hippo.co.za, you could join 8 out of 10 people that could save over R427 per month* on their car insurance. Hippo.co.za saves you time and money by comparing insurance products and a wide variety of products such as medical aid, personal loans, funeral cover, pet insurance and more.”

Established in 2007, hippo.co.za is South Africa’s leading comparison website that helps consumers save money by comparing a range of SA providers across financial products such as car insurance, home insurance, life insurance, medical and more. Hippo is free to use and saves consumers the time and hassle of shopping around for the best deal since the Hippo.co.za website instantly retrieves real-time quotes from the different providers using the latest Internet technology. At least 8 out of 10 people could save an average of R427* per month on their car insurance.

Hippo.co.za makes money by simply charging its partners a fee when a customer chooses to find out more about their products. The results consumers see, and the order in which they are presented, is in no way influenced by the fee hippo.co.za charges its partners or any other factors other than the price of the product being compared.

 

For more information, visit us on www.hippo.co.za, connect with Hippo on LinkedIn, like us on Facebook, and follow us on Twitter, and YouTube.

Hippo Comparative Services (Pty) Ltd is an authorized financial services provider (FSP number: 16357).

*Based on a representative market research survey conducted by Kaufman Levin Associates, on behalf of Hippo.co.za in May 2014. Risk Profile Dependent.



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