The announcement by the Department of Energy of petrol and diesel price increases which took effect on 6 February reinforces the mantra to save according to Danny Zandamela, Chief Executive at Ithala SOC Limited.
Motorists will pay 7 cents per litre more for 93 and 95 grades of petrol, and between 1 and 2 cents per litre more for diesel.
"The difficult economic environment teaches us an important life lesson which is to prioritise. With some consumers feeling the financial pinch after having splurged over the festive season, the long-awaited January salary would have been most welcome. However, long-term financial planning is important," said Zandamela.
Putting away money for the unforeseeable future is very necessary. As the cost of living rises, financial flexibility and disposable income are impacted. Irrespective of your level of income, all individuals need to inculcate a culture of savings.
Zamdela said, "If you want to reduce your financial risk, save as a means to empower yourself financially. Financial freedom lies in our own hands. Therefore, be serious and committed to reducing over-indebtedness and reliance on credit and loans. Regular saving will reduce financial stress and remember, no amount is too small to save".
There are number of financial tools to empower people to save such as a 32-day Express Account or a fixed deposit over six, 12 or 24 months.
“Get in touch with your Ithala branch or financial adviser now and take control of your financial future,” concluded Zandamela.
Ithala offers a portfolio of corporate and personal banking solutions. A current distribution network of 39 branches across KZN provide convenient transacting facilities.