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