Using your credit card to get through the month? You're not the only one!
A lot of us South Africans are struggling to make ends meet with all the rising cost of living.
This comes as additional increases are on the horizon, too, according to the Pietermaritzburg Economic Justice Dignity.
According to Business Insider, as prices continue to hike, many South Africans are using credit cards to keep themselves afloat until the end of the month.
Read more: 'Worst is yet to come' as food prices continue to increase
From petrol price increases to food as well as other products, many locals are left wondering where the money to purchase all this will come from?
The Department of Mineral Resources and Energy had announced this week decreases of Octane petrol. Although it may bring motorists some sign of relief, it still doesn’t solve the huge problem of spending that happens to the people of SA.
Read more: Want extra money? Job hunting tips for 2022
Times are tough and challenging, but if you plan accordingly and start having a healthy relationship with money, then things can turn out to be more fruitful - but it's not as simple as that.
Here are some tips to help you cut some costs:
Use your transport wisely
Ensure that all the shopping for groceries, unnecessary trips to town and driving fast is done less as possible.
Read more: How to save money despite rising fuel costs
Try doing grocery shopping in bulk or online and get it delivered
It’s always wise to do bulk grocery shopping in order to avoid traveling to the shops all the time.
Less designer clothes and more on affordable
It’s not always wise to buy the most expensive clothes in the market. However, by buying nice stylish clothes for a decent price that would not cripple your budget.
Read more: Six ways to help steer your money saving journey this year
According to Africa Melane's interview with Carla Oberholzer, a debt advisor at DebtSafe, there are few tips that you can follow to lead a better financial life this 2022. (MSN)
- Get an overview of your financial situation. Go through your latest bank statements with a highlighter to find spending leaks. This will help you when it comes to identifying where you are spending unnecessarily
- Keep an eye on your income and expenses every month. By working this out, you can budget accordingly, so assign a total amount to different categories. So for instance, if you have R1,500 to extra after you have paid out all your expenses, you can put away R1,000 into a savings and use the R500 as your petty cash (emergency things that you may need in the month).
- Make sure you have a financial plan in place. Pin your goals down; ensure you see them every day." (MSN)
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