Managing your finances during trying times

• Maintaining a healthy payment record allows you to access credit in the future, whenever you need it. And it’s simpler than you think.
• Always pay all your accounts on time and in full if possible, or, if you’ve hit a hurdle, try to pay at least the minimum. The Woolies app makes it easy for you to see your payment amount and the due date, and access your monthly statements, quickly and safely.

Before you fall behind on any of your payments, contact your credit provider, as banks and credit providers may have some sort of COVID-19 payment relief programmes in place to help you during these challenging times. If you're not able to pay some of your accounts, like your credit card payment or your retail account payments, then it’s best to first contact your credit provider to assist you and see if they can adjust your monthly repayment plan. This will help you remain in good standing and is a better solution than simply not paying, as late or missed payments could negatively affect your credit record.

WELLNESS TIP: If you’re a Woolies Credit Card or Store cardholder, your minimum has been automatically reduced to help you out. If you’re not in a position to pay your accounts as a result of COVID-19, you can also apply for the Woolies Payment Relief Programme at https://relief.wooliesfs.co.za

• This is how financial institutions see you. Check for any errors (more common than you think) or payments that you may have missed, and alert credit providers right away. You may have cancelled a debit order that was never actioned, so you could be racking up debt without your knowledge. Companies like Transunion offer free credit reports every year – it’s a great way to manage and protect your personal information and credit profile.
• Maintaining a healthy credit record will help you qualify for better interest rates, and you'll pay lower finance charges on any credit products you may have.

A great tool is to set a budget and not exceed credit limits. Should you need a new loan, help is at hand. But only do so if absolutely necessary.

It is an easy way to stay on top of bills and to ensure that you don’t miss a payment, or incur additional fees that could negatively impact your credit report. Find out more here.

• Credit life insurance covers unfortunate events such as death and disability. So call your credit provider to understand if you are covered, and what you’re covered for.
• Woolworths Balance Protection is perfect for a rainy day. It helps to ensure that your credit repayments are covered when unforeseen events affect your ability to earn an income – for example critical illness or retrenchment as a result of COVID-19. This form of insurance covers your instalments in the event that you are unable to honour your payments.
• If you’re a Woolies Store Card, Credit Card or Personal Loan customer with cover, you can lodge a claim, which covers your Woolies instalments. Log a claim by  calling 0861 50 20 20 or e-mail [email protected] or visit www.woolworths.co.za to find out more.

• Saving is possibly the hardest thing to do during a pandemic. However, if you have been working from home and have made savings on everyday items such as fuel, coffee runs, takeaway lunches and more, you most likely have been saving.
• Use your savings sensibly, make additional payments on short-term debt. In that way, you incur less interest. Keep saving what you can, as every little bit helps at a time like this.

Make use of savings and rewards during this time, such as free delivery when shopping online at Woolies with your Black Credit Card, and don’t skip out on the amazing WRewards savings you get on promotions and deals.

Credit can be a helpful benefit during a challenging time, and better when managed well. To ensure your financial health and wellness during this time, paying at least the minimum due on your accounts will enable you to access credit when needed in future.

Make financial wellness a priority, and more importantly, stay safe.