Unconventional ways to repair your finances

WITH 10 million South Africans drowning in debt, Personal Finance rounded up some financial experts for advice that goes beyond skipping lattes and is more offbeat.

- NICOLA MAWSON

According to FinMark Trust, an estimated 10 million South Africans are over-indebted, with 37% of formal credit borrowers facing repayment issues. This figure rises to about 12 million when including those borrowing just from informal sources.

Gary Kayle, co-founder and CEO of the independent financial education group Worth, says these statistics are not abstract. They are lived realities for thousands of families.

"Behind every percentage point of over-indebtedness is a parent borrowing to feed a child, a graduate saddled with debt before they even find a job, or a person unsure where to start because someone else has always handled the finances," he says.

But where do you start when the problem feels overwhelming? Financial experts say the answer isn't in deprivation - it's in working smarter.

Hayley Parry, co-founder and head of education at Worth, recommends a financial spring-clean. Begin by clearing out old receipts, reconciling what's needed, and digitising unnecessary loyalty cards while keeping some small cash handy for tips or parking.

Then move online, says Parry. Reviewing the past three months of bank statements can spotlight unused subscriptions that can be cancelled.

Rory Brachner, founder of Doshguide, also advocates that people sit down with their bank statements. "Most people budget only for monthly expenses like rent, groceries, and transport, forgetting about annual costs such as holidays, school fees, or insurance renewals," says Brachner.