The Big Borrowing Guide

Okay, we all know spending more money than we have is never a good idea. But if you don't have large savings, there comes a time when you'll need to borrow. As a result, one in three of us has concerns about the money we owe.

Whether it's R100 from a friend to cover your round, or thousands for a new car, how you borrow can have a big impact on your budget. With this in mind, we sought expert advice to arm you with the key rules for borrowing the smart way.

The 'Quickie' Loan	You're desperate for those concert tickets but can't afford them this month. Is it rude to ask a friend for the money? 'Most of us have been in this position at some time, and on the plus side, borrowing from a friend is interest-free. But, really, emergencies are the only time it's acceptable to ask,' says accountant Michelle Coulson. If you don't have any other options and you think she won't mind, it's worth trying. Just make sure you set a date to pay the money back – and stick to it. Taking advantage of a friend's generosity can often ruin a friendship.'
The 'Bargain' Loan
The 'Emergency' Loan
The 'Long-Term' Loan

Author: Katy Massey