How to Spend Wisely Amidst Rising Costs in South Africa
Inflation is a very real thing; South African’s are quickly realising this amidst the skyrocketing prices of fuel, groceries, electricity, and a range of other items.
To put things into perspective, as of June 2022, the petrol price per litre is higher than the minimum wage per hour.
Taking this into consideration, it’s become clear that we need to learn how to spend money wisely and do what we can to save some money in the thick of price hikes. In this article, we’re going to look at some tips to reduce grocery, fuel, and electricity costs, and potentially save a bit more.
How to cut grocery bills
If your recent grocery store trips result in you leaving with the recursive question of “How can I spend less on my grocery bill?”, you’re not alone.
Here are some ways you can cut your grocery bill:
- Buy in bulk
- Plan your meals
- Don’t shop hungry
- Avoid specialty stores
- Create a shopping list and stick to it
- Hunt for a cheaper fresh produce market
- Sign up for store emails regarding discounts
- Use coupons and store rewards to your advantage
How to cut fuel costs
The rising petrol costs are causing discomfort for everyone’s pocket – to put it lightly. Even those who drive the most fuel efficient of cars are feeling the pinch.
- Use loyalty programmes
- Try to carpool with colleagues
- Avoid driving during peak times
- Avoid using the air-conditioning
- Fill up before fuel price increases
- Remove extra weight and resistance from your vehicle
- Optimise fuel consumption by learning to drive more efficiently
How to cut electricity costs
With winter in full force, electricity usage has gone up nationwide. This coupled with increasing power costs has made life challenging for South Africans.
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Aside from loadshedding, here are some ways you can cut down on your electricity bill:
- Use smart bulbs
- Invest in solar power
- Take shorter showers
- Avoid using oil heaters
- Turn off unnecessary lights
- Install dimmer switches for lights
- Fit a geyser blanket to your geyser
- Use cold water when washing laundry
- Keep your oven closed whilst in operation
FAQs
Here are some answers to commonly asked questions around saving money.
How can I save money when my expenses are high?
To save money while your expenses are high you need to keep track of you spending habits, consolidate your debts and create a budget that will help you stay on track.
What do you do during inflationary times?
During inflationary times, you should find ways to keep costs low in aspects of life. Use the above tips to save money on the biggest three inflationary areas (groceries, fuel, and electricity).
What is the 50/20/30 budget rule?
The 50/20/30 rule states that you should spend up to 50% of your after-tax income on needs and obligations. The remaining half should be split up between 20% savings and debt repayment, and 30% to everything else you may want.
