Tips to help you during a period of financial pressure in South Africa!
If you feel like you're the only one going through financial distress right now - you're not!
A recent study by First National Bank (FNB) has revealed that many South Africans are broke within five days of being paid.
Read more: Middle-income earners spend 80% of salary within 5 days - FNB
The data from the study shows that South Africans who earn between R15,000 and a little over R40,000 per month take, on average, five days to blow the bulk of their salaries.
This equates to around R180,000 and R500,000 per annum.
Read more: Motorists warned of steep fuel price hikes in June
With the rising cost of basic needs in the country, it's becoming increasingly difficult to make ends meet - and it's not over yet.
Business Insider states that South Africans are earning a third less than we were in 2016.
Read more: 5 Work From Home freelance jobs to help ease the financial pressure
How did we get here?
- Russia-Ukraine war's effect on food and fuel prices
- inflation
- rising repo rates
- loadshedding
- poor salary increases
- rising debt
The South African Reserve Bank is expected to increase interest rates, too, which could mean an additional cost of R400 to consumers making use of credit facilities.
Read more: Rising cost of food will impact the poor, warns economist
In KZN, matters like the July 2021 looting and the more-recent #KZNFloods will provide its own set of financial difficulties.
As a result of the rising costs, many South Africans are turning to credit cards to make ends meet.
Read more: Using your credit card to get through the month? You're not the only one!
So, what are some of the solutions to help alleviate the financial pressure?
- Be energy efficient at home and fuel efficient on the road
- Cut out fast food for home-cooked meals
- Take advantage of rewards programmes
- Use your transport wisely
- Try doing grocery shopping in bulk or online and get it delivered
- Additional income streams
Read more: Six ways to help steer your money saving journey this year
You can read more about this by clicking here.
Read more: Tips on how you can stretch your salary every month
