{"id":1750,"date":"2024-08-29T14:08:32","date_gmt":"2024-08-29T14:08:32","guid":{"rendered":"https:\/\/www.indwe.co.za\/indwe-blog\/?p=1750"},"modified":"2024-08-29T14:08:32","modified_gmt":"2024-08-29T14:08:32","slug":"ways-to-reduce-your-living-costs-in-2024","status":"publish","type":"post","link":"https:\/\/www.indwe.co.za\/indwe-blog\/ways-to-reduce-your-living-costs-in-2024\/","title":{"rendered":"Ways to reduce your living costs in 2024\u00a0\u00a0"},"content":{"rendered":"

Ways to reduce your living costs in 2024\u00a0\u00a0<\/h2>\n\n\n

We\u2019re all feeling the pinch in our pockets as food, electricity and housing prices soar and interest rate hikes are the new norm. While there might be some reprieve on the horizon, many South African\u2019s 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.\u00a0\u00a0<\/p>\n\n\n\n

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 isn\u2019t a bare essential.  <\/p>\n\n\n\n

According to a PwC Voice of the Consumer Survey 2024<\/a>, 77% of South African consumers expect the biggest increase in their consumer spending to be on groceries. 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%).  <\/p>\n\n\n\n

If you have similar concerns, here are some ways you can ease your financial burden: <\/p>\n\n\n\n

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Transport<\/strong> <\/p>\n\n\n\n

Transport costs add up quickly, and even though prices are currently decreasing, prices are still higher than they were in 2023. To save in this area, you can try to reduce your mileage by carpooling or ridesharing where you can. Additionally, explore insurance options that offer lower premiums for reduced driving. Keep your insurance broker informed of your mileage and driving habits to ensure you’re getting the best possible rates. Keep your car serviced and maintained to ensure it is running at its most efficient.\u00a0\u00a0<\/p>\n\n\n\n

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Groceries<\/strong> <\/p>\n\n\n\n

According to Daily Maverick<\/a>, the total basket cost has increased by 11% over the past 18 months. Many food basket items have seen year-on-year price increases, making even basic foods out of reach for many consumers.  <\/p>\n\n\n\n

To avoid overspending on groceries, draw up a weekly food menu and buy your groceries accordingly. This also helps you avoid impulse purchases. Be sure to take advantage of special offers or loyalty savings to stock up on non-perishables. It might also be worth your while to assess your food choices as some foods are far more expensive than others.  <\/p>\n\n\n\n

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Electricity<\/strong> <\/p>\n\n\n\n

In July this year, Eskom\u2019s electricity tariffs increased<\/a> by between 12.72% and 12.74% which saw the average increase to urban tariffs at 13.29% due to the increase in the affordability subsidy charge.  <\/p>\n\n\n\n

While South Africa has been enjoying far less loadshedding this year, consumers have been hit hard with these increases adding yet another burden on their already overstrained pockets. To save some money on the electricity front, do some research to see if solar<\/a> is a viable option for you. Otherwise, you can try to switch to energy-efficient appliances and lightbulbs, turn off unnecessary lights and consider switching to gas for your cooking needs.  <\/p>\n\n\n\n

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Living space<\/strong> <\/p>\n\n\n\n

The impact of ever-increasing interest rates left many homeowners with no choice but to downscale. While this may seem like the best option for many, it is important to take into consideration that smaller properties in complexes and the like often come with levies and hidden costs that could soon see you out of pocket, too. Be sure to research all expenses you will incur before you decide to make that move.  <\/p>\n\n\n\n

If your home has extra space, you can also consider renting out a room or cottage for additional income \u2013 just remember that it will incur additional taxes, too.  <\/p>\n\n\n\n

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Insurance and medical aid<\/strong> <\/p>\n\n\n\n

Financial dire straits often see people resorting to cancelling their insurance policies to help ease their load. This is an incredibly dangerous thing to do and could expose you and your family to financial ruin. There are, however, a few ways that you can reduce your premiums while making your insurance work for you: <\/p>\n\n\n\n