Durban – After the recent interest rate increase by the South African Reserve Bank with rising food and petrol costs, consumers are feeling the impact on their wallets.
Consumers are now looking for different ways they can stretch their rands to handle price increases.
John Manyike, head of financial education at Old Mutual said, “There is no doubt that most of us have financial nightmares as we see the prices of things going up, and our spending budget getting smaller.
1. Financial literacy
You can get financially educated with online courses that will teach you about working with money and investing. Check with your bank or a financial institution to see if they offer financial literacy courses.
Create a weekly or monthly budget plan that takes into account your current and future income and expenses. With a budget, you can keep your spending in check and ensure that you have a good amount of savings.
If you haven’t drawn up your budget before, there are online templates to help you get started. The most important rule of having a budget is sticking to it.
3. Retail research
Before you go to the shops to buy your groceries, do you research and check out the specials. This will give you a clear idea of what you need to purchase and perhaps you will find everything that you need in one store instead of wasting petrol by driving to four or five shops.
Be in the know about benefits of loyalty and rewards programmes as well as check out the online options offered by retailers, you might save money with the online discounts.
4. Digital transactions
After Covid-19, the new way of shopping is online shopping but be mindful of those expenses. Keep an eye on those digital transactions like you would a cash transaction so you have a real grasp of your finances.
5. Tracking your spend
Even though you may a budget drawn up, tracking your spending is an important step in stretching your money. You can track your spending by reviewing your monthly transactions and seeing how you can cut down on unnecessary expenses.
You can make use of free apps to help you track your spending while also having all your financial information at the click of a button.