The high cost of living is crippling many SA households. Image via Unsplash
Here’s how you can survive the crazy cost of living in SA right now
With the prices of everyday essentials, such as petrol and oil, going up, it’s important to find ways to survive the high cost of living.
The high cost of living is crippling many SA households. Image via Unsplash
It’s no secret that most people are struggling to get by in South Africa. In fact, things have become so difficult that many people have had to give up some of the things we enjoy the most as we resort to spending only when necessary.
In light of that, these are some tricks and tips to help you survive the crisis.
Here’s how to survive the high cost of living
Ester Ochse, product head of FNB’s Money Management, has said that are indications that interest rates in the country will slowly increase over the next few years.
Meanwhile, the fuel price is also consistently on the rise. This will inevitably impact the cost of transport.
Ochse shares what our other needs are which will be impacted by the rise in interest:
“Firstly, let’s explore what is a need. Needs are things that you pay for every month. An example will be paying for housing, either rent or owning your own. Other examples are transport, electricity, groceries, telephone and data spend. These needs are essential for daily living, working and moving around.”
Tricks and tips:
Transport
- make sure to shop for all your groceries and other essentials in one trip to avoid having to drive often.
- avoid driving unnecessarily fast.
- work from home as often as allowed.
Groceries
- create a weekly meal schedule using whatever you have available at the time to avoid making trips to the store for anything else.
- keep your eye on deals and specials.
- stay clear from corner stores and daily trips for one or two items as this is usually more costly.
Home Loan/Rent
Make sure your debit order or payment schedule is as close to your pay date as possible, says Osche in a BusinessTech article.
According to her, it’s always best to get the payment out of the way immediately to avoid running out of funds at a later stage and being unable to pay.
She also advises that you try and pay more than what you need to so that you can skip the increasing interest rates which are coming in the next few years.
ALSO READ: ‘No meat, no visits’: The sacrifices made to keep up with petrol prices
