This study seeks to show that a higher usage of debt instruments by consumers with
limited available funds leads to the usage of savings tools to finance debt costs, which
subsequently results in lower levels of savings. This was espoused by the literature on
PFM and also proven by the test results from the research hypotheses that were
computed by means of a logistic regression. The test results showed that there is a
statistically significant relationship between the usage of debt instruments and the
usage of savings tools. An emphasis is placed on the importance of savings as an
integral component of the PFM concept: it is namely seen to be indispensable to good
financial planning to ensure current and future consumer financial security. Therefore,
this study concludes by highlighting the importance of consumers’ financialmanagement
skills in minimising debt costs to increase levels of savings by controlling
higher consumption expenditure through debt.