A lot of South Africans have to adjust to doing more with less because of rising interest rates, petrol, and electricity and food prices. Since January 2015 the South African Reserve Bank has raised interest rates by a combined total of 75 basis points. Furthermore to stiff inflation that is still on the rise, and tariff increases that have affected staples like bread, milk, electricity and petrol, we are starting to feel the pinch. Let’s take a look at how to budget properly this year.
In these tough times, many people feel the need to cut back on important expenses like insurance cover, to alleviate financial pressure. This although, only places even greater pressure on us in the long run and exposes us to greater financial risk. It’s not ideal to stop paying your life or funeral cover premiums because you can lose all your benefits, with no refund of the premiums you have been paying since the beginning of your cover. You should look at other options to help you save a bit more money to afford your premiums and other household necessities.
Another helpful tip is to compare different insurance products to find the best possible deal. Make use of Likemoney to do so.