Many South Africans are suffering with some kind of financial stress in 2020. Employees have lost their jobs; company owners have lost their businesses and many of us have lost our sanity trying to figure out how we are going to pay rent from one month to another.
The South African economy has been hit hard since the COVID-19 lockdown and too many businesses have strict trading restrictions which are causing companies to barely break even, companies we thought would never have a problem making profit.
How Can I Make Rent This Month?
Many people are talking about cutting costs and yes that is naturally your first reaction. This is only a short-term solution because how long can you actually live with no financial freedom or luxuries that bring you joy. Remember cutting costs puts strain on the economy and reduces other South Africans income causing more problems like job loss etc. Your happiness and sanity matter too. So, what do you do?
Change your mindset.
It’s about thinking creative ways to make more money and not just reduce your standard of living. We found this theory from the book “The Magic of Getting What You Want” by David J. Schwartz
We will discuss some creative ways to start side hustling a little later on. Let’s look at some ways of reducing costs and household spending first.
How to reduce costs:
- Draw up a new budget and compare it to the old one (have a financial date night)
- Analyze 3 months bank statements to make smarter purchases
- Get rid of things you don’t use like multiple bank accounts that rack up charges
- Contact your bank, they may have relief packages for your situation
- Use loyalty cards! You will be shocked at how much you can get back from just swiping a card
- Plan for the festive season, start a DIY project as gifts or use your loyalty points to buy one gift every month
- Download specials apps like fomo : the fomo app shows you which specials are closest to you and helps you search for restaurants by location and price. Don’t compromise on your lifestyle anymore
- Compare your car insurance with alternative quotes from different providers, we do not encourage you to cancel car or household insurance but you could be paying less for car insurance:
Money, let’s just make more
Remember this…no job is beneath you. Sell a pair of shoes if you need to sell a pair of shoes. Another thing to keep in mind, you don’t have to quit your job. A side hustle is just that, it’s on the side to make that extra bit of cash. It’s also all about the effort you put in.
There are so many ways to start a side hustle, hopefully these suggestions help get the ball rolling for you :
- Create a Money Market account: this is little to no effort. If you have savings move it to a banks money market where you can earn way more interest than your savings account. You can also pull it out within 24 hours if you need to.
- TRANSCRIBE: You can listen to audio for companies and type them out into word documents. A good company to use is https://scribie.com/
Want to read more side hustling idea’s click here