Which price increase will affect South Africans the most

By Staff Writer
The month of April was a month of price hikes for South Africans and we asked our users to tell us which increase will hit them the hardest.

With Eskom dominating the news in recent months due to their heavy increases, it's no wonder that 36% of users said that the hike in electricity prices will have the biggest impact on their budget when we asked them which financial change will affect their lifestyle the most.

Not far behind was the petrol price increase, with 30% of users saying that this was their biggest concern and 25% of users saying that they were most worried about the food prices.

With prices soaring and debt strangling South Africans, it is of great importance that South Africans focus on saving instead of spending money they don't have on things they don't need.

Set up a monthly budget plan by first adding up all your monthly debts and expensive so that you can calculate your disposable income.

If your monthly debt repayments are more than what you are earning or the disposable income you are left with is not enough for you to survive on, you might want to consider consulting with a debt counsellor.

"Even though consumers have had a decrease in the interest rate and that consumer inflation has dropped to 5.1%, the majority of people feel that the electricity, petrol and other hikes mean that they are poorer and have less disposable income,"said Luke Hirst of DebtBusters.

When Justmoney asked its users: "Which current financial change will affect your life the most?" the results were as follow:

  • 36% Electricity hike
  • 30% Petrol increase
  • 25% Rising food prices
  • 8% Drop in the interest rate

Recent Articles

Featured Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town