THERE are many financial setbacks that require you to managing your money.

SunMoney spoke to John Manyike, head of financial education at Old Mutual to get you some advice.

Manyike said families have been hard hit by the increases in the fuel price and electricity, as well as the VAT.

“It is more important than ever to become money smart to ensure you survive till month end and start reducing your debt.”

Here are Manyike’s tips for a shockproof household budget:

1 Commit to a budget

  • Compile a manageable household budget and stick to it.
  • Educate your family about budgeting.

2 Cut your transport costs

  • Look for schools closer to home if transport costs are affecting your budget or move closer to your workplace.

3 Keep your family healthy

  • Plan healthy, affordable meals for your family, including lunchboxes, and avoid takeaways.

4 Quit bad habits

  • Cut down on smoking and alcohol intake: you’ll save a lot every month.

5 Stay up to date

  • Find out whether to rent or buy property, as this will help you know what you can afford.

6 Keep saving

  • No matter what, don’t stop saving.

7 Don’t live to impress

  • Don’t put yourself under pressure by buying things you can’t afford. Live and dress according to your means

8 Learn to say NO!

  • Don’t let your children make you buy things they don’t need.