Making Ends Meet: Tips to Reduce Spending and Save Money in South Africa

Key Highlights :

1. The cost of living in South Africa has seen an aggressive increase in recent years.

2. The pressure on consumers is immense, with the interest rate rising to levels last seen more than a decade ago and inflation also pushing up food prices, along with petrol price increases.

3. "As a result, some consumers may struggle to make ends meet, especially when one considers that Stats SA’s latest Consumer Price Index data indicates that food and fuel are the two biggest areas where people spend most of their money."

4. Some smart tips to help you make ends meet include budgeting, prioritising needs over wants, making budgeting easy for you and your family, and making shopping for groceries and fuel easy.

5. "When shopping in-store, keep a running tally on your phone calculator of the items in your trolley to avoid exceeding your grocery budget."

6. "Do your grocery shopping once a month and avoid regular trips to stores."

7. "Service your car regularly and ensure that your car’s tyres are properly inflated."

8. "Try to work from home if your company allows it and if you do need to go to work, try to carpool with some colleagues."

9. "If you use public transport, consider using a bus and buying the monthly tickets to get to work."

10. "Get those loyalty reward programme cards and leverage loyalty programmes as this can help you with groceries and fuel spend."

     The cost of living in South Africa has been on the rise in recent years, with the interest rate reaching levels unseen in over a decade and inflation pushing up food prices and petrol costs. This has put immense pressure on consumers, who may struggle to make ends meet. To help consumers manage their finances and stay within their budget, FNB product head Ester Ochse has shared some smart tips to help reduce spending and make smart money moves.

     Budgeting is the cornerstone of making ends meet, as it allows consumers to decide where they allocate their money and which expenses need to be covered. Prioritising needs over wants is essential, and having a copy of the bank statement to track where money is going is also important.

     Grocery prices have seen a sharp increase in the past few months, making it important to create a weekly or monthly menu using items already in the cupboard, and supplementing them with a few fresh items. Shopping around for the best prices and deals from different supermarkets and sticking to the list is essential. Online shopping and delivery can be a great way to save money and time.

     When it comes to transport, servicing cars regularly and ensuring tyres are properly inflated can help reduce fuel costs. Working from home and carpooling with colleagues can also help. If public transport is used, consider buying monthly tickets.

     Different retailers offer loyalty reward programmes which can help save money on groceries and fuel. Joining or starting a grocery stokvel with family, friends or colleagues can also be a great way to buy items in bulk.

     Finally, it is important to think twice before taking out the bank card or cash and to make sure payments are made where they will be rewarded. Credit should only be taken out when absolutely necessary and the consumer is confident they can make the monthly payments.

     By following these tips, consumers can make smart money moves to reduce their spending and make ends meet.

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