Drowning in debt?
Women24's survey results reveal that over a quarter of SA's women have more than 3 credit cards. Are you one of them?
According to this year's Female Nation Survey results more than a quarter of SA women have credit cards – with about 15 percent relying on more than one credit card, and at least 33 percent not being able to pay off their plastic at the end of the every month.
The survey also shows that almost 90% of these women are more than a little worried about their financial situation, yet almost none are saving.
Finance expert, Carl Fischer says that we need to start thinking about our shopping habits in order to assess our financial situation.
"To avoid accumulating debt," says Fischer, "the first thing you need to do is to get real about your financial situation. If you can't pay for something with cash, then you probably shouldn't buy it.
"It's also quite useful to think about why you're buying things that you cannot afford. Is it because of social status or is it something that you simply really need?
"At the end of the day," he adds, "spending money you don't have is as much an emotional problem as it is a practical problem, and the only way to get to the root of your financial strain is to examine the root cause of your problem."
But assuming that the majority of the 36 percent of women, who don't save anything or save between 0 – 5% of their salaries are not able to save, what does one do and how does not saving impact them and their families?
Carl explains: "There are plenty of ways to avoid getting into financial trouble – the most important being planning your monthly expenses and setting aside a portion of your income.
It's true that setting aside money for rainy days is an appealing idea in theory, but in reality it is something that most people find hard – if not downright impossible.
"Having said that, difficult or not, it is a good idea to put money aside for your various costs and live according to what you can afford to buy.
"Opening savings plans, making monthly investments and cutting back on unnecessary spending are cutting down methods that will surely carry you a long way, but require discipline, willpower and commitment.
It may seem hard at first, but these few starting points can and will go a long way in helping everyone to save more.
What measures are you taking to save? Do you think cutting back on costs will help your finances go a long way? Or are there too many other factors that get in the way? Share your thoughts and advice with us in the comment box below.
Women24.com's 2009 Female Nation Survey results have been weighted to represent 600 000 urban South African women who: have Matric as a minimum qualification, are over 21 and are earning R4500 or more a month.
- Women24