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Want To Stay Afloat During Tough Times? Establish A Family Budget


As the realities of the South African economy begin to bite, most households may increasingly find it hard to keep head above water. Establishing a family budget might be the solution.

 Families should make every effort to track what every cent is spent on, not an easy task but it can be accomplished. The first step is creating a budget and sticking to it as a family, some families may be already stretched but they too must maintain financial discipline. A budget is a good way of identifying where your money goes, but most importantly, it also helps identify wastage and unnecessary expenses. The sooner you spot and close leakages in your family kitty, the better your financial position will be over the long-term.”

As soon as you have a budget as a family and are consistent in how you manage it, you begin to chart a path in which you can steer your finances as a family. An important aspect though is ensuring that all family members are onboard as there may be some sacrifices that need to be made.

Here’s a formula you can use to set a budget as a family for these tough economic times:

Unplanned expenses

Times are tough, but it’s important to make sure you put something away for the rainy even it’s as little as R100 a month, it will go a long way should you be faced with an emergency. The best way to remain consistent with your savings is by having debit order transfer with a set amount on a monthly basis. In this way, you are able to plan around the money you are left with after saving and committing monthly expenses.

Education expenses

Instead of buying school informs during the Back-to-School period try to buy these items much earlier as they are likely to be a bit pricey during the hype. Lay buying is another option that could ease pressure on you because you can buy uniforms over a period of a few months.

Don’t cut off funeral insurance

If you have funeral insurance into which you contribute monthly, don’t get rid of it rather cut down on other expenses such as entertainment. A funeral insurance will buffer you from having to borrow in the unfortunate event of a death in the family.

The only thing that will push a family towards financial prudence is consistency, and in this instance what counts is having a budget and sticking to it.

Would you set a budget with your family? Share in the comments below:

Words: Pieter Woodhatch, CEO of FNB Easy


When times are tough you can be tempted to approach a Mashonisa, instead get help from a credible financial institution. The main benefit is that you will build a credit profile which, over time, will allow you room to access credit when the need arises.

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