DURBAN – The mere thought of bearing the financial burden that the Covid-19 pandemic has on 99% of the country is enough to drive a person to a nervous break-down. With no official news on when the lockdown may end, South Africans are going to feel the financial pinch very soon.
According to Jysanne Lee Ramduth, a financial adviser at Platinum Consulting, having a plan in place is the most important step to take.
“We have never experienced something like this before and honestly don’t know what to expect. Personally, I cannot give advice that I cannot adhere to myself. So just having a plan as to what may happen is a great point to start at. A plan stating what are the most important things and what do you really need,” she said.
The premise of living a luxurious lifestyle is something that drives most of us in our careers and business, but in times like these, Ramduth emphasises the importance of maintaining a simple lifestyle.
“It comes down to basic and simple living. What is it that you need as opposed to what you really want,” said Ramduth.
“You have to ask yourself how you can adjust your lifestyle, because the money you earned six months ago is not there today. So identify these important things. Things like DSTV, you need to ask yourself is it really important,” she said.
Ramduth also highlights how money that is usually spent on fuel should be saved or put towards ‘banking groceries’ because of the uncertainty we face. The mother of two also stresses the need to be proactive with your finances during the lock-down.
“Asking yourself the hard questions like what do I do in six months if I run out of money?
Although it is not something you want to think about, however the likelihood of it happening is there and having a plan in place is better than nothing at all,” added Ramduth.
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