Many reports over the past year have indicated a concerning trend among South Africans, revealing that a massive portion of the population is grappling with debt.
Whilst we all know that mastering our finances is key to unlocking a more secure future, it’s often easier said than done.
Samantha Pillay, Director at First Loyalty Plus, recognises how overwhelming it can feel to get stuck in a cycle of overspending. “As Alex Blackwell aptly put it, ‘The first step on the path to positive change is acknowledgement that change is necessary and possible.’ Understanding our outlook towards finances and candidly assessing our current financial habits are pivotal starting points towards enhancing our financial health,” she says.
To facilitate this journey of self-awareness and empowerment, First Loyalty has designed a fun quiz. It aims to help individuals assess their financial savvy and gain insights into areas where they can make positive changes.
1. Do you have any free loyalty cards for stores or services?
a) Yes, my purse is full of them.
b) I have one or two.
c) No, I don’t have any.
2. Do you have any paid loyalty memberships or programmes?
a) Yes, I am a member of a loyalty programme.
b) No, I haven’t paid for any loyalty memberships.
c) There are paid loyalty programmes?
3. Do you stockpile essential items when they’re on sale?
a) I always stock up on daily essentials when I spot a deal.
b) Occasionally, if it’s a really good deal.
c) No, I prefer to buy only what I need immediately.
4. Do you find yourself buying items just because they’re on special, even if you don’t need them?
a) No, I only buy what I need regardless of discounts.
b) Sometimes, but I try to control it.
c) Yes, I can’t resist a good deal.
5. How often do you create and stick to a budget?
a) Regularly, I diligently stick to my budget.
b) Occasionally, but I often deviate from it.
c) Rarely or never.
6. When making a big purchase, what’s your approach?
a) I thoroughly research and consider all options before making a decision.
b) I do some research but may still splurge on extras.
c) I tend to make impulse buys without much research.
7. How often do you dine out or order takeout?
a) I cook at home mostly, but I also use my loyalty programs when dining out.
b) Once or twice a week.
c) Multiple times a week.
8. What’s your attitude towards credit card debt?
a) I always pay off my credit card balances in full each month.
b) I try to pay off my balances quickly but sometimes struggle.
c) I usually only pay the minimum.
9. How often do you review your expenses and look for ways to cut costs?
a) Regularly, I’m always looking for ways to save money.
b) Occasionally, but I could be more diligent.
c) Rarely, I don’t pay enough attention to my spending.
10. When you receive unexpected money, such as a bonus or a tax refund, what do you usually do with it?
a) Save or invest the majority of it for the future.
b) Put some towards savings and spend the rest.
c) Spend it on something I’ve been wanting.
Mostly A’s (Savvy Saver): Congratulations! You have exceptional discipline and are proactive in managing your money. Continue prioritising smart spending habits, such as using loyalty programmes, budgeting, saving, and investing wisely. Keep up the good work!
Mostly B’s (Borderline Budgeter): Well done! You’re on track to becoming a Savvy Saver. Work on finding strategies to curb overspending and start saving. One effective method to achieve this is by subscribing to loyalty programmes, such as First Loyalty Plus. By doing so, you can stretch your budget and indulge in life’s pleasures without overspending.
Mostly C’s (Budget Buster): Living within a budget can be tough, but with hard work and perseverance, you can reap massive rewards! Monitoring your expenses monthly, being deliberate about saving and signing up for loyalty programmes – whether in-store or a paid-for membership like First Loyalty Plus – will allow you to optimise your spending and maximise savings.
