How to Recover from a Financial Emergency

DirectTalk with Sateesh Shaganti by DirectAxis

It feels great when your life is on track - your savings are growing steadily, you’ve got a fulfilling job, your car is almost paid off and you’ve got your sights set on a house you’re hoping to make an offer on. It seems like nothing can go wrong, but what happens if it does?

This is the situation Sateesh Shaganti found himself in, when one day he got the call that his father had fallen gravely ill. Sateesh had come to South Africa to find opportunity, and was relatively well established when he had to drop everything and fly home to care for his father.

After two months in hospital, his father recovered, but since his father had no medical aid, Sateesh was left with a hospital bill of R300 000. He turned to friends and family for the money, and after settling his debt with the hospital, he faced an uncertain financial future.

Sateesh has since paid back the money he borrowed from his loved ones, and thanks to his financially savvy nature managed to keep himself afloat and comfortable during that time. Here are some of his tips for paying off debt without breaking his budget:

  1. Keep track of all your incoming and outgoing money, even down to the last rand! When you’re constantly aware of your budget, your spending will fall in line.
  2. Cutting down on small expenses can make a big difference. Switch to pay-as-you-go data vs contract bundles. Eat out less. Buy second hand.
  3. Pick up a side hustle by using your skills to upskill others. If there’s something you can teach, and you can earn a respectable amount from working after hours.
  4. Sell anything you don’t need on second-hand e-commerce websites or Facebook. Your unwanted goods might be someone else’s treasure!
  5. Don’t use your credit card unless it’s an emergency, and consolidate your debt where you can.

Planning for emergencies seems like an impossible task, but training yourself to be more mindful with your money can ensure that when a crisis does come around, you are better established to manage it.

Check out Direct Talk for more stories on life, money and everything in between.


Pulse is a FREE financial wellness tool that allows you to check and improve your credit rating.

Find Out More
Personal Loan

A Personal Loan is a convenient way to take care of your personal and family needs and goals.

Find Out More
Consolidation Loan

Consolidating can be an effective way to manage your finances and increase your cash flow.

Find Out More

of customers use loans for consolidation


of customers use loans for renovations


of customers use loans for education

Our Sponsorships

Read more about our sponsorship with Cape Town City FC.

Read More
Job Opportunities

Thinking of working for DirectAxis? Why not explore what it means to work at DirectAxis.

Read More
Customer Care

We pride ourselves on delivering the best possible customer service. Get in touch today.

Read More
Social Investment

Find out more about our social investments we're undertaking to deliver positive change.

Read More

DirectAxis is a business unit of FirstRand Bank Limited, an Authorised Financial Services and Registered Credit Provider, NCRCP20. Direct Axis SA (Pty) Ltd, Reg no. 1995/006077/07, an authorised Financial Services Provider, FSP7249 & FSP5. 108 De Waal Road, Diep River 7800.

Legal Documents - Sitemap

Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 24.50% per annum (compounded monthly). Your rate and initiation fee will be determined according to your personal risk profile.

An illustrative example of a loan at an interest rate of 24.50% per annum would be: Loan amount R50 000 plus a once-off initiation fee of R1 207.50 and a monthly admin fee of R69.00, over 72 months.

The total cost of the loan will be R 103 155.57 which is a maximum Annual Percentage Rate (APR) of 27.76%.