South Africans Struggle to Manage the Rising Cost of Living, Expert Offers Advice on How to Manage
- South Africans are feeling the pinch as the rising cost of living impacts on everyday lives
- Many South Africans have had to cut down on luxuries and some essentials in order to survive
- An economy expert has provided handy tips on how South Africans can navigate these times
Source: Getty Images
The rising cost of living is hitting South Africans hard. As bills and living expenses go up, salaries remain the same, forcing many to make cuts 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 felt the pinch.
PAY ATTENTION: stay informed and follow us on Google News!
“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 they 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."
She added that she even had to cancel a life insurance policy 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.
She explained that while she understood that the situation was not an easy challenge, citizens needed to adapt to the varied challenges with the limited resources available to them.
"I urge the average South African to take advantage of tax-free savings investments and contribute 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.
She also advised that people turn to home gardens and recycling, saying that while these actions seemed small, they made a difference in the long run.
“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," Singh explained.
"To paraphrase the godfather of Economics, Adam Smith, self-interest is the ultimate driver behind one’s well-being. We are all trying to do the best we can in these difficult times, and through self-interest one seeks out entrepreneurial opportunities, better jobs, and attains more skills, all to materialise a better standard of living for themselves."
South Africans are struggling to get by
In a related article, Briefly News discussed how South Africans were struggling to cope with the rising cost of living.
Single parents were hard hit, but many explained they struggled to make ends meet even with two salaries in a household.
Sebastien Alexanderson of the National Debt Advisors explained that more people relied on credit to survive.
PAY ATTENTION: Сheck out news that is picked exactly for YOU - click on “Recommended for you” and enjoy!
Source: Briefly News
