Budget and cut back on expenses

LIFE is getting more expensive and we all need to be dedicated to our budgeting plans, and keep saving every available cent.

The weakening rand and international oil price hikes are cited as the reasons that petrol prices sky-rocketed.

On top of this, some municipalities are implementing tariff increases from the beginning of July.

It is important for consumers to educate themselves and understand what every change in the economy means and how it will affect their finances.

Now is the time to cut those unnecessary expenses.

Consider cutting back to a cheaper TV subscription or Pay TV account bouquet.

Consider signing up for a course on how to stop smoking.

Instead of eating out, try cooking together as a family, and have a night in.

Look into car-pooling for work to save on fuel costs.

Invest in energy saving household products such as LED light bulbs, a geyser switch that only keeps your geyser boiling during the times you use it. Switch off your geyser when you go away.

Reduce the limit on your credit card to cut back on spending.

Cut up those store cards and reduce spending on the “wants” as you will need your money for the “needs”.

Manyike is Head of Financial Education at Old Mutual.