According to the most recent StatsSA Living Conditions Survey, the three major costs weighing on South Africans’ budgets are housing and utilities (32.6%), transport (16.3%) as well as food and non-alcoholic beverages (12.9%). Together, these three costs account for 61.8% of all household expenditure.
Here are a few simple tips on how to cut back on your living expenses, and turn spending into saving:
- Housing: If you are renting, consider moving to a smaller house/apartment or move to a more affordable neighbourhood. If you want to buy a property then make sure that you have done thorough research to establish if you can comfortably afford this big financial commitment. Iemas Financial Services in partnership with MortgageMax, will find the most affordable home loan solution for you and negotiate the best interest rate on your behalf, find out more about our housing solutions plan.
- Transport: Travel together with your colleagues or friends who lives and work in the same area as you. If your car consumes too much fuel, consider looking for a more fuel-efficient vehicle. You can use our convenient vehicle sourcing solution to assist you in finding the right car for you at the perfect price tag. You can also do vehicle refinance with Iemas, which allows you the opportunity to reduce your current monthly instalment AND you get to share in our annual member rewards payout at the end of the year.
- Food: Buy non-perishable goods in bulk whenever there is a promotion. Compare prices and consider buying in-house brands rather than branded name labels. Did you know that when you use your Iemas Purchase Card while shopping, you earn rewards every time you swipe! For more information call us on 086 043 627.
More blog articles on savings:
- Five ways to stick to a savings plan
- How to manage your finances responsibly
- How to save even more money on fuel
- How to maintain a good credit score
- Four ways to stop dipping into your savings account>