Avoid PayDay Loans Try to avoid resorting to pay-day loans or bank overdrafts, these can be costly and get you into more financial trouble. Financial stress can effect all parts of your life, but there is help out there, so don’t be afraid to ask. About the AuthorMaya on Money is a collection of articles by financial journalist Maya Fisher-French; contributions from other authors and questions posted by readers. Thanks to a collision with an uninsured driver and vet bills due to a dog with a penchant for swallowing bouncing balls, our household was faced with thousands of rands worth of unexpected expenses within one month. The survey, which was conducted among more than 12,000 Wonga customers in South Africa, found that nearly half (45%) of respondents have used a loan to cover an unexpected and important expense.
When asked whether their monthly salary covers their monthly expenses, 43% of respondents answered ‘yes, unless there is an emergency (e.g. According to the 2012 Financial Literacy in South Africa report commissioned by the Financial Services Board (FSB), less than one-third of South Africans reported setting aside emergency or rainy-day funds that would cover expenses for at least three months. The cost of not budgeting are high, as emergency loans are usually the most expensive kind – you need the money immediately so you take it on whatever conditions are offered, in other words at whatever cost.
Anyone who is serious about beating the debt cycle has to start building up an emergency fund, even if you are just starting with R100 per month.


Maya on Radioactive Health WarningWhile we hope the information provided on this site will be useful in making financial decisions it is not to be viewed as advice. Some of the universities Dean of students may have a special fund for students who need help in terms of emergency situations. Some of the academic departments also keep funds for emergency purposes, so speak to the heads of these departments and see if you can access some of the emergency funds for a short period of time. You might have joined organizations or clubs in school and this may be another place that can assist with financial worries. You may need to seek some short term part-time work to help get your through the rough patch you are going through. We encourage readers to post questions and add comments to create an interactive forum where people can gain information on how to better manage their money. As Hurwitz points out, this lack of financial awareness paired with the rising cost of living means most people are simply not budgeting for a rainy day. Wonga loans for example are one-month loans so you would have to pay it back with interest and charges the following month – yet you couldn’t meet those expenses this month. While paying off high-interest debt should be a priority, you also need to create a financial buffer for emergencies so that you do not have to tap into more expensive debt.


Don’t get frightened to seek help from your financial aid office this is what they are there for.
Head off to the dean of students office, make an appointment and see what he or she can do. If funds are not available you can speak to your advisers or other professors and they may be able to help you out.
It is not just about paying off debt but also protecting yourself from the need to go into debt. Ask your club moderator or officers if they have any available resources you could borrow from and that being said you will pay it back when your allowance has come.



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