Three ways to spend less

There was new data released by Stats SA last week that looked at wholesale and retail trade conditions. Wholesale is the volume of goods being sold into the shops, the retailers. If consumers spend less then the shops don't expect to retail as much and don't order as much wholesale.The one follows the other, so now interest rate cuts have been called for to stimulate spending. What can you do if even the shopkeepers are worried?

 

• Plan your budget and stick to it
• Spend only what you can afford
• Check if you have the best interest rate

 

While we wait for interest rate cuts to come you can compare your credit card with all the others on Justmoney to see if it is the best value for the way you spend.

The Dispatch looked at some of these figures and quoted an economist saying that a cut in the interest rate would help bring spending up to its more usual levels. Apparently 'A tighter credit environment, job losses and consumer debt have weighed down on spending patterns'.

Fin24 also looked at how the downturn is affecting our everyday lives as we spend less, eat less and splash out less. Searching around for the best deal has become the new way to shop and the article noted that we are being much more price sensitive and buying many more store brands than before. We are also going to the shops more often but we aren't getting the cash out as readily as this time last year.