How to Save Money in South Africa

by Liam

With the festive season looming, we’ve decided to take a look on how you and I can save some money in South Africa today.

I mean, let’s face it: The cost of living for some is becoming unbearable — basic necessities cost an arm and a leg, and the price of electricity and petrol seems to creep upwards on a monthly basis. Apart from that, we are also faced with the natural human reaction to extreme poverty which equals theft, violence and a multitude of other crimes. People have to resort to extreme measures due to the inflation and cost of living alone.

That being said, not only the poor struggle but also the middle-class battle to stay afloat. If you don’t earn a decent then you could be in danger of falling into debt and losing your most important possessions. In Pretoria, it has been revealed that 50% of the population is in dire straits.

According to a Poverty Trends Report for 2006 to 2015, 30.4 million people (55.5% of the population) were living in poverty. This number has risen by 53.2% in 2011 already. Unemployment and lack of education is one of the leading causes of poverty in South-Africa and is accompanied by overpopulation in poorest areas. Poverty forces the less fortunate to live in squalor due to harsh circumstances preventing them to improve their situation.

Drug and alcoholism adds significantly to the poverty and crime rates. Lack of access to basic services such as dwelling, homing, schooling, food and water, and sanitation also aggravates poverty and crime rates.

But there are ways to manage with a little — The secret lies in hard work and having respect for money. To prioritize bills and what is more important to pay. Each individual owes it to themselves and their family to have and maintain some sort of livelihood to a point where we do not burden other people. But for some other tips on how to save money in South Africa, listen to the CAN family:

  1. Make saving a priority and preparing for your children’s future more important than your own. Try to see saving as a challenge and a fun activity, even if you save little bits at a time for the hour of need.
  2. Prevent the hassle of repair costs by taking care of important commodities like cars, washing machines and geysers. Servicing them regularly and keep them clean; things tend to go the extra mile if you take care of them.
  3. Work out a budget and stick to it strictly. Do not spend money you do not have on things that are not pressing. Buy smart and keep your eyes open for bargains. It is definitely possible to be a smart shopper and to live frugally ensuring you will always have something.
  4. Think of tomorrow by living sparingly and conserving wherever you can. Work out how much you have and need until your next cash influx.
  5. Contraceptives and condoms are highly recommended to pairs who are not in a financial state to raise children. You not only handicap yourself, but you expose an innocent child to a life of hardships.
  6. Prepare and be ready for your retirement. One has to think of the time you will be too frail to work. It happens to all of us and is definitely worth working towards. It is also advisable to monitor and fine manage your mortgage. One does not live very happily without shelter and consider your medical coverage should something bad happen to you or your family.
  7. Take out roadside assistance and other emergency services to save you money should your car break down on the side of the road and need to be towed.

But if you have any of your own tips, please share them with us down in the comments or tag us on social media — #WeCAN.

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