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 Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)