Debtfree DIGI September 2016
SA's Free Debt Counselling and Debt Review Industry Magazine. Are Garnishee orders dead? What did the Constitutional Court say? How can you deal with Debt Stress? This and more in this months issue
SA's Free Debt Counselling and Debt Review Industry Magazine. Are Garnishee orders dead? What did the Constitutional Court say? How can you deal with Debt Stress? This and more in this months issue
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Step 6 – Choose your luxury expenses carefully<br />
Luxury expenses like a holiday, a new TV, a new golf set should ideally be paid from discretionary<br />
income.<br />
“Discretionary income is the amount of an individual’s income that is left for spending, investing or<br />
saving after paying taxes and paying for personal necessities, such as food, shelter, and clothing.<br />
Discretionary income includes money spent on luxury items, vacations, and nonessential goods<br />
and services. “ - Investopedia<br />
It is unwise to finance these items from debt mechanisms like your credit card or overdraft.<br />
If you cannot afford a holiday, consider staying home and being creative with your free time<br />
instead - take day trips to cultural spots, go to the local park for picnics, rent home movies or<br />
spend quality time relaxing with friends and family.<br />
Step 7 – Review<br />
At the end of January do a quick review of how you handled your finances over the festive season<br />
and note your learnings for the following year. Are there things you could have done better?<br />
Under what circumstances did you overspend? What actions did you take that made you proud?<br />
With less than 100 days till Christmas, start planning for it in <strong>September</strong>. You won’t regret it.<br />
IN A NUTSHELL is brought you by the DCM Business Partnership Programme, designed to<br />
support debt counsellors and consumers during the debt review process, in collaboration with<br />
the National Payment Distribution Agency (NPDA). For help, contact the NPDA on 0861 628 628.<br />
If you have suggestions for topics that you would like covered in future, please email info@dcmgroup.co.za<br />
Debt Review Awards Winner 2014 and 2015:<br />
NPDA: Payment Distribution; Client & Customer Service; Industry Support & Engagement<br />
Care Premier: Debt Counselling Software
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