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With the effect of the drought now experienced in increased food prices together with interest rate, petrol and electricity hikes, many South Africans are buckling under the financial pressure of making ends meet.
For many, winter and its associated health conditions and the cost of extra electricity we use to stay warm in winter, can often be an additional financial burden,” says John Manyike, Head of Old Mutual’s Financial Education Unit.
“The biggest challenge for most South African consumers this year will be to make sure they do not fall into a debt spiral. Those who already have a lot of debt, must take care to not make more debt. “Whilst there may be merit to consolidate your debts this however must be done prudently. “Medical bills during winter to deal with colds and flu puts a lot of pressure on disposable income. One way to curb these bills, is to take extra good care of your health.
“Staying warm and comfortable in winter stretches the budget even further as the electricity bill increases during winter months.”
There are many things you can do to conserve electricity and save on your bill.
For more electricity saving tips visit Eskom's website.
Continue to pay your premiums on financial products that protect you and your family’s financial future such as life assurance, retirement plans, funeral cover, short-term insurance and savings plans. If you are struggling to make payments, speak to your financial adviser to see how you can make a plan to keep these valuable benefits.
In difficult times like now, follow the big 5 secrets of money management from our On the Money Financial Education Programme.
The Lion teaches us to pay ourselves first. Continue to save and invest every month. If you haven’t started yet, start now - even if it is a small amount.
To learn more, join our On the Money digital community by liking our Facebook page: On The Money Financial Education Programme or follow us on Twitter OM_Onthemoney