Watch Those Bank Costs

Google “compare bank rates” online (select the “pages from South Africa” button), to shop around and compare the offerings available. The key lies in whether you’ll exceed the set number of transactions and, if so, what the cost of the additional transactions will be. So get a pen and paper out and do the maths.

Consolidate Your Debt

Consolidate your loans into one account and service the interest at a better rate. Credit cards cost the most, so squash them. Then use the cash you’ve freed up to settle the next-biggest debt. Keep the cycle going until you are finally debt-free and cash-flush.

Choose The Right Insurance Product

Get three insurers to quote against your current policy, comparing apples with apples. Make sure the benefits quoted are on par or better than those you currently enjoy. Evaluate annually.

Get The Right Vehicle Finance Option

Watch out for balloon payments (the amount still owed at the end of a repayment term). You may reduce monthly repayments substantially, but if your trade-in value is less than the residual amount, you’ll need to refinance, which means more interest. Eina.

Get Yourself The Best Interest Rate Possible

Get a better offer in writing, then take it to your current lender, sit down at the bargaining table and play hardball. A top-notch mortgage originator will help you find the best rate. Well worth his fee.

Consolidate Your Mortgages

If you have more than one mortgage, consolidate them, get a better interest rate and one single monthly repayment.

Think About Fixing Your Interest Rate

If you’re feeling the pinch, cap your interest rate. But check details –some small print will have you locked in with penalties for exit.

Negotiate Your Bond-Registration Fees

Bond-registration fees (conveyance fees, post and petties, VAT, and Deeds Office fees) are highly negotiable. Haggle till they just want to get rid of you and give in.

Shop Around For Your Homeowner’s Insurance

It’s often cheaper to take out your own homeowners insurance, rather than the one your bank suggests. Compare both the premium and the savings in interest charges. This can save you thousands.