A fortunate group of South Africans will receive their salaries in the next couple of days, while others need to find alternative ways of sustaining themselves during this challenging time.

Whether you’re part of the first or second group, it’s imperative that you carefully consider your finances before making any rash decisions.

Here are five key ways to financially survive the current crisis –

1. Don’t panic
   

   Now is not the time to make any rash decisions with your money. Leaving it in a savings account (especially one with a high interest rate) is the safest place it could be. Your money is still very safe in the bank, there’s no need to withdraw it. South Africa’s banking industry is respected around the world. Long term investments plans are just that – long term, don’t make short term decisions that will affect your long term plan.

2. If you thought cash was king, think again
   

   Apart from the fact that cold, hard cash isn’t earning you any interest and is more vulnerable to theft or loss, it’s also not going to do you any favours in light of the Corona pandemic. Wherever possible, pay for things using a card, rather than by physically handling cash that’s been touched by countless other hands.

3. Make interest work for you, not the other way around
   

   Put any money you can save into a savings account to earn interest. Most South Africans don’t trust banks or interest rates because they’ve been bitten by both of them – by rogue debit orders, unexpectedly high credit card debt, and extortionist loan repayment rates. But if you can get interest to work for you, you will be amazed at how your money can grow.

4. Beware of loans
   

   Nobody knows for certain what the current crisis is going to do to our economy or to each of our own pockets, but people ought to think twice before taking out any loans unless they really, really need to – especially given the flux in interest rates. If you’re going to take out a loan, at least make sure it’s from a reputable institution.

5. Remember what your true assets are
   

   We’ve always believed in the potential of people in South Africa, and at times such as this, more so than ever. Our collective resilience, our sense of humour, our remarkable ability to support one another when it counts and bounce back from anything… these are our real national assets. And they really count in times like these.

So be kind, don’t panic, stay home and stay safe – be the best you can be – we’ve got this.