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 Do you need credit to survive Easter?

Easter weekend is here and with it the expectation of celebration. While there is nothing wrong with this, it often means spending more money than you bargained for.

 

Read more

Young woman building a legacy brick by brick

When her dad passed away, Siyasanga Ngcongca, an internal auditing graduate, took over the family business. Ngcongca Construction, as her company is known, is a service provider to five insurance companies, handling building and commercial claims.

Read more

Can you evict paying residential tenants?

One of the most common reasons for wanting to evict a tenant is non-payment of rent. But there are many other situations that landlords may encounter. These can range from damaging property and breaching contract, to being reported as a continuous disturbance by neighbours.

Read more

How one entrepreneur designed her financial future

From as early as Cannon remembers, she recalls her grandmother seated behind a sewing machine. Through this influence she was sewing her own aprons and doll dresses by the time she was ten, and by the time she was 16, she started designing and make her own clothes.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Hartbeespoort Romantic Weekend Special

Price: R2,999
When: Weekends
Where: North West

Da Vinci Happy Hour

Price: Available on request
When: Weekdays
Where: Cape Town

Glenburn Spa Easter Package

Price: From R1,065
When: 18 -22 April
Where: Muldersdrift