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Avoid Cutting These Important Expenses

by | Apr 8, 2020 | Blog, Financial Planning | 0 comments

Wondering where and how to trim your expenses? These aren’t easy choices to make, and cutting certain costs may end up costing you far more in the long run. So, we took a look at some of the most important expenses to avoid dispensing with.

With most of the world under lockdown, many South Africans have spent the last few days worrying about future finances, and wondering where and how they should trim their expenses. 

Being smart with your money is just good practice at the best of times, but these aren’t easy choices to make, and these are certainly tentative times.

It’s important, therefore, to give the matter very careful thought. Which expenses should we cut, and how do we avoid cutting anything that may prove indispensable further down the line?  

As is often the case when concerning ‘grudge’ purchases, such as insurance or medical aid, certain essential expenses may be deemed unnecessary. In times of anxiety, these types of expenses are often first upon the chopping block.  

The truth of the matter is that, in doing so, we may inadvertently end up dispensing with the very tools designed to help us, guide us and guard us from these times of uncertainty. 

So, why should we persevere, and avoid cutting these expenditures? Simply put: cutting these costs may end up costing us a lot more.

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Medical Aid

The importance of Medical Aid is virtually unrivalled in South Africa; those who have been unable to fund costly procedures or keep up with vital medications will know all about it. 

The monthly payment may seem steep, especially when tightening the belt, but no Medical Aid contribution could be deemed too expensive when compared to the exorbitant costs of certain treatments or procedures.  

Medical Aid provides a safety net for both you and your loved ones. Without it, you may find yourself at the mercy of our overburdened, underserviced state care, or forced to pay for everything out of pocket. 

In an emergency, it may even prove the difference between life and death.

Most medical schemes offer affordable, entry-level, budget-cost options to suit everybody’s financial plans, and when it comes to the crunch, it’s better to consider moving to a different plan, as opposed to cancelling altogether. 

We simply can’t underestimate the value of good health.

Gap Cover

While Medical Aid certainly goes a very long way, granting you access to the best hospitals and healthcare in the country, it’s worth noting that there’s a growing list of common medical procedures (such as surgical wisdom teeth extractions or hysterectomies), and treatments that just fully aren’t covered. 

This is where Gap Cover – a product specifically designed for people who already have Medical Aid – proves a saving grace. 

Essentially, Gap Cover helps you cover any financial deficit between what your health practitioner charges and what your medical aid is willing to pay. In other words, Gap Cover bridges that unexpected (but increasingly common) financial gap, protecting you from any financial loss. 

It’s a safety net against shortfalls, so to speak, and has proven crucial in protecting families from financial ruin in particularly prolonged cases. 

Gap Cover, for example, remains one of the most vital assets in the long, hard fight against many prevalent types of cancer. 


In modern times, insurance can no longer be considered a luxury, but a necessity, and the true value of which can be found by those who have needed it most. 

When your only vehicle is hijacked at the intersection, or stolen from your driveway. When you find your paid-for holiday abroad suddenly cancelled amid a global pandemic. When your home is broken into while you’re at work and they take everything. When you fall ill and find that you’re unable to earn an income. When your home burns down, or floods, or falls apart. When a loved one passes away and you can’t afford a funeral. 

This is where the true value of insurance can be found. In the protection of our vehicles, our health, our homes, our businesses, and the people we hold dear. To many people, insurance is an essential component to modern living. It provides both us and our loved ones with financial security, peace of mind and the means to overcome many obstacles during extremely stressful times.

Before cancelling our insurance policies, it’s important to ask the important questions.

Will I be able to fund these incidents, accidents, damages or shortfalls on my own? Is keeping this insurance a legal requirement, such as in the case of a vehicle under finance? Will I be willing to pay higher premiums in the future, due to be being placed in a higher risk category? Will my debts be covered in the event of my passing away? Will my family be financially secure?

In most cases, it’s far better to speak to a knowledgeable broker and discuss solutions to meet your needs and financial plans, instead of cancelling your policies altogether


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Renette Zeelie

Tel: 018 786 1882

Fax: 086 617 8136


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