Budgeting Solution
SynRec's Patented Budgeting Solution
SynRec’s patented Budgeting System allows for an employee’s salary to have set percentages for varying categories. This will allow the employee to better plan his financial situation and stay within the set limits.
The aim of this initiative is to assist employees who have budgeting problems and cases where their monthly expenses are more than their monthly income. The main benefit is that this will reduce the number of Garnishee orders against an employer as also save the employees' money.
When examining the current debt situation in South Africa it is clear why there is a need for the SynRec Budgeting System:
- NCR reports 10,7 million of credit active consumers have impaired records. This 10,7 million consumers equals 45% of all active consumers
- SA Reserve Bank reports suggest that R750 out of R1000 is used to service debt by SA households
We believe that the only way to solve the problem of over-indebtedness is to teach the effected employee how to live within their financial means. SynRec achieves this with the SynRec Budgeting System's built in budgeting tool, as well as teaching the employee basic budgeting and financial literacy skills.
SynRec is there to help the employees rehabilitate themselves from over-indebtedness and to teach them to be able to live on their present earnings. At all times we will ensure that the employee gets the best possible advice.
SynRec is there to help the employees rehabilitate themselves from over-indebtedness and to teach them to be able to live on their present earnings. At all times we will ensure that the employee gets the best possible advice.