South Africans Struggle to Manage the Rising Cost of Living, Expert Offers Advice on How to Manage

The rising cost of living is hitting South Africans hard.

As bills and living expenses go up, salaries remain the same, leading many to have to make cuts in order to survive.

Citizens who spoke to Briefly News recently spoke about how they struggle to make ends meet, no matter what they earn.

Limited luxuries for families

Vanessa Govender, a mother of two, described how she and her husband were feeling the pinch.

“We had to cut down a lot as well. We hardly go on holiday, and we hardly ever eat out anymore.

“We also buy groceries monthly in bulk just to save.”

She added that also used their bonuses to pay extra on their children’s school fees.

There’s never enough money

Shalini Jogi, a single mother of one, spoke about the challenge of not having enough money.

“The biggest challenge is not having enough money for everything, as my salary is not market-related.

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She added that she even had to cancel a life insurance policy just to save money where she could.

“Sometimes I'm emotional about it, but we have to keep remembering that we are still better off than others,” she said.

Economy expert offers advice

Suvira Singh, who holds a BCom in Economics and Econometrics recently spoke to Briefly News about how South Africans could cope with the impact of the rising cost of living.

“The rising cost of living is not an easy challenge to overcome. I understand one unfortunately

needs to adapt to these varied challenges with the limited resources available to them. I urge the average South African to take advantage of tax-free savings investments and contributing the maximum amount they can afford in their Retirement Annuities, which are tax deductible and will give you a nice little bonus in your annual tax return,” she said.

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“Turn to home gardens and recycle. All of this sounds small but in the bigger picture it surmounts to a long-term balanced financial lifestyle and cost of living.”

“My simple advice is to be selfish. Do everything necessary to realize a better life for yourself and loved ones, by doing so, that business you open that needs employees or the field you have mastered in, is now creating opportunities for the next generation.

Every individual pursuing their own interest potentially holds, more often than not, a positive externality for society as a whole.

“A way to not only “cope” but start combatting the difficulties experienced in economic uncertainties is by pursuing the avenues that lead to the eradication of the issue wholistically, and that is done through small actions in a normal South African household over time.”

Source: Briefly News