Do you want to reduce costs?

BALANCED BUDGET: WITH CAREFUL PLANNING YOU CAN MAKE ADJUSTMENTS TO YOUR LIFESTYLE > We are all feeling the pinch in our pockets, says expert.

Despite lower inflation, interest rates and fuel prices, South African consumers are still battling to survive and afford their basic expenses. However, with careful planning you can make adjustments to your lifestyle to ensure you can balance your budget. Joe Szemerei, chief operations officer at financial services company, Indwe Risk Services, says we are all feeling the pinch in our pockets as food, electricity and housing prices soar and interest rates remain high.

"While there has been some reprieve, many South Africans are struggling daily just to make ends meet. When making it to the end of the month feels near impossible, savings are the last thing on our minds.

"The rising cost of living is seeing people scale back wherever they can, setting budgets to manage expenses, starting side hustles and going without anything that is not a bare essential.

"This means that we are all looking where we can save and what we can do to make the situation more manageable."

According to a PwC Voice of the Consumer Survey 2024, 77% of South African consumers expect the biggest increase in their consumer spending to be on groceries, while 75% of consumers believe inflation is the number one risk that could affect the country over the next year, followed by macroeconomic volatility (55%) and social inequality (40%).

Saving can be difficult but Szemerei says there are certain expenses that you can significantly reduce by implementing a few smart habits, such as: