We’ve survived what feels like the longest month of the year, fittingly coined “Janu Worry” after an expensive festive season. As South Africans gear up for the year ahead, we are again reminded that we are not yet in the clear. It’s that time of year again when we South Africans will be glued to our TV’s watching as the Finance Minister delivers the annual budget speech.
This year, the South African budget speech will be delivered in the wake of radical political changes and a volatile economy. No one can predict the outcome of the political landscape or how it will affect the rand, but we do know that money is already tight and that we may need to tighten our belts even further.
There are many ways in which the budget speech affects your pocket and while it may not be easy to navigate the changes we at Metropolitan have compiled a list of top tips to get you through the next financial year and get you one step closer to reaching your life goals:
- Budget, yes, we said it again.
We hear this everywhere, and we know that we have to do it, but we don’t. A budget helps you figure out your financial goals, no matter how small or big they may be. It doesn’t matter how much money you have, if you neglect to have a budget, you’ll be tempted to buy things you may not need, and things you can’t actually afford. You need to ask yourself, “do I need this, or do I want this? Can I even afford this” Having a budget will help you realise what you have coming in and going out to figure out where you stand financially.
- Check your grocery list
We can avoid grocery shopping, but we can avoid overdoing it. Make sure you have a grocery list every time you go shopping, and stick to it. This helps you avoid buying items you don’t actually need. A helpful tip is not to throw away your leftovers; scraps of food thrown in the bin can be saved to make soups or sandwiches, so freeze them and get creative. Another tried and tested method is to buy in bulk.
- Be thrifty
Make sure you look out for sales, and shop around for cheaper options. It takes a lot longer, but will save you money in the long-run. Be cautioned not to fall into bargain traps, where items that seem cheaper actually aren’t. Scrutinise the quantity of products with the cost. E.g. 200grams at R200, is not cheaper than 400grams at R400. It is also a good idea to get a group of friends and family and put your money together to buy certain items, and split them amongst yourselves. This helps especially if you are buying in bulk.
- Understand the budget speech
Every year the budget speech is delivered and let’s be honest, very few of us understand the terminology and jargon used in the speech never mind what kind of impact this information has on our lives. If you are struggling to understand some of the big words used in the budget speech? Click on www.metropolitan.co.za to download a cheat sheet that we have compiled for you to help you follow the conversation confidently.
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