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Rising prices tips on how to minimise costs . . .


Rising prices tips on how to minimise costs . . .

In this day and age it is most difficult to look at any kind of electronic device without seeing doom and gloom plastered all over it. This is no different for South Africans who have been having a rough time of late especially in the arena of rising costs.

Fortunately for South Africans, the drought is over in some parts of the country, and we optimistically hope that this will affect the rising cost of food. We can only hope that these costs will lower as production increases. Well this works in theory, but will it in practice?

So for the homeowners out there who find it particularly difficult in keeping up with the rising costs of homeownership, here are a few tips and tricks we can only hope aid in curbing these rising costs. Selling your treasured home should always be a last resort, unless you intend buying another property.

Draw up a monthly budget and stick to it. Include as much as possible in your budget along the lines of entertainment, haircuts, domestic workers’ salaries, school feels, lights, water, rates, insurance and the cost of motor vehicles including upcoming services.

• Open a savings account and put away as much as you can…even if it's only R100 a month. Having access to surplus funds when something goes wrong can be a lifesaver.

• Budget for food and stick to it as much as possible. Keep an eye out for bargains even if this does mean shopping at more than one supermarket for your groceries.

• Shop weekly or monthly. Take the time to freeze bread and milk and as many other perishables as possible.

• Only buy seasonal produce. The rand isn't looking that great on the international front and you will be paying a premium for imported foodstuffs.

• Compare meat prices. It's often cheaper to go to a butcher than to buy meat from a supermarket. The same applies to fresh produce. Visit your local greengrocer and compare prices. Better still, consider roping in a few friends and buying fresh produce from your local market in bulk and freezing.

• Do not cancel your household insurance under any circumstances. However, take a close look at your policy and ask your broker if it's possible to get cheaper coverage.

• Trade your car in and opt to buy a cheaper model. Shop around for the cheapest vehicle insurance.

• Monitor your electricity usage and cut back where possible. Consider investing in things like a solar geyser and a gas stove in order to reduce costs.

• Cell phone contracts can be expensive. Consider downgrading your contract when it expires and going for something cheaper. Again, shop around for the most affordable option.

• Budgeting for entertainment doesn't mean you have to stop enjoying life. Many restaurants offer half price food, buy one, and get one free option and other deals on various days of the week. Shop around to see who offers what.

Keep a positive mental attitude, everything passes and this too shall pass, persevere, thangs may seem far worse than they are; things usually get better over time.

Author Private Property
Published 06 Feb 2017 / Views -
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