Make a plan

When life gives you lemons - have an emergency fund

family funeral insurance cover

Life is full of surprises, unfortunately not all good. While you can’t predict everything that may happen, unexpected problems are easier to deal with when you’re financially prepared. 

The first thing to consider is what you can realistically and affordably insure against.
These will be events that are difficult or impossible to recover from financially if you’re not insured. They could include your home burning down, your car being stolen or written off in a crash or a long hospital stay because of illness or an accident. 

You can, and many people do, insure against all or most of these things either because they’re required to when they take out the bond to buy a house or get a loan to buy a car or because they see the sense in insuring an expensive asset. 

Many employers offer medical aid or a hospital plan as part of a salary package.

But what about life’s more common upsets, such as when an essential appliance such as a freezer or oven stops working, a car breaks down or a toilet or pipe gets blocked? 

Research shows that very few of us have enough saved to deal with this sort of problem, which can be very disruptive, although easier to manage if you have an emergency fund.

Having money set aside makes it easier and less stressful to deal with unforeseen problems and means you aren’t forced into decisions you may later regret. Here’s what the experts say:

1. Start saving money today

Getting started with an emergency savings plan is the hardest part. Ideally you should aim to save about 5% of your income each month for unexpected expenses. 

2. Keep your emergency fund separate

Keep your emergency fund in a separate account, so you’re not tempted to dip into it. Money market and tax-free savings accounts are two emergency fund investment options to consider. Ideally set up an automatic transfer. 

3. Save enough to cover 3 – 6 months

Keep saving until you have enough to cover your normal household expenses for between three and six months. That way you’ll have a reasonable cushion.

4. Be conservative when spending emergency savings

If you need to use all or some of the money, try to cut back on non-essential expenses such as entertainment or holidays until you’ve replenished it. 

 

Pulse

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
24%

of customers use loans for consolidation

24%

of customers use loans for renovations

12%

of customers use loans for education

Our Sponsorships

Read more about how we support grassroots Rugby through our Currie Cup Sponsorship.

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 Initiatives

Find out more about the corporate social initiatives we're undertaking to deliver positive change.

Read More

Your direct connection to Financial Services. DirectAxis Personal Loans 108 De Waal Road, Diep River, 7800. FirstRand Bank Limited (reg no 1929/001225/06), an Authorised Financial Services and Registered Credit Provider (NCRCP20).  Direct Axis SA (Pty) Ltd, an Authorised Financial Services Provider (FSP7249 and 5)  © Copyright 2018 

Legal Documents - Sitemap

Loan repayment terms range from 24 to 72 months. The maximum interest rate with regards to a DirectAxis Personal Loan is 27.5% 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 27.5% 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 110 013.57 which is a maximum Annual Percentage Rate (APR) of 30.76%.