Money Problems in Botswana: What You Can Do

man worried in front of laptop

Are you facing a cash flow crisis, or other money problems? You’re not alone – and something can be done.

We offer some tips to help you deal with a cash crunch in a calm and systematic way.

Track what you really spend

Don’t guess what you spend. Track exactly what you pay for over a period of a month or more.

With today’s online banking, it’s much easier to do this than in the past. You can access account details for the previous month and then sort all your expenses into categories – for example, groceries, fast food, air time, petrol, insurance and so on.

You might be surprised how much more you spend on unnecessary items than you thought.

Take steps to improve the situation

Instead of panicking, take a proactive approach. Anything you can do to spend less and/or earn more will help.

Save money whenever and wherever you can, without compromising the security and well-being of your family. Take the bus to work, cut back on air time, ditch the DStv, consider a second job and, if you’re renting, consider moving to a less expensive home. Over time, small savings add up.

It may also be possible to negotiate lower prices even for so-called fixed expenses, like house and car insurance.

Draw up a budget

A budget is the key to long-term financial control.

Once you’ve assessed your financial situation, you have the information necessary to draw one up. Make conscious choices about how to spend the money you bring in each month, given realistic requirements. Then stick to the limits you set.

Make your budget any way that suits you, or try a free online budgeting template.

Get advice

Chat to someone you trust. A problem shared is a problem halved. Tell a family member or close friend about your situation, and how you got into the mess in the first place.

Ask for their advice and support, to help you keep perspective and make logical decisions.

If you need financial advice, it may be a good idea to contact an ABFA-registered financial advisor.

Consider selling assets you don’t need

Selling valuable items is usually a quick way to get some cash if you’re stuck.

Make sure you sell only items you won’t regret parting with later or that are fairly simple to replace, like a digital camera or gym equipment. Some options for selling items online are Sell It Botswana and Jumia.

Unfortunately, most items won’t attract anywhere near their replacement values in second-hand markets.

Leverage high-value assets by using them to get a loan

If you have an asset of value, such as a paid-up vehicle or an expensive artwork or item of jewellery, you can use it to secure an asset-based loan from lamna Botswana.

This is a fast, simple and safe way to secure funds, and it means you won’t have to sell your asset. Once you’ve repaid the loan and agreed interest, it will be returned to you in the same condition you left it.

For more information about using an asset to secure a short-term loan, contact us on 71 388 088 or simply complete and submit our online application form.

Complete our Online Application Form