With the annual inflation rate (increase in prices over a given period of time) in South Africa having increased to a five-year high of 6.5% in May, consumers will have to relook at their spending patterns to stay afloat.
Data from Statistics South Africa, released this week, showed that inflation quickened to 6.5% last month, from 5.9% in April and March. It was the highest reading since January 2017, as prices continued to increase – mostly for transport, food and non-alcoholic beverages. The most notable increase in prices was registered for sunflower oil, which surged 40%.
Costs were also higher for electricity and fuel.
Here are four ways to quickly and easily save money in your day-to-day life:
- Avoid energy guzzlers
With electricity prices on the rise, look at other ways of reducing the amount of electricity you use, advises Matthew Cruise of Hohm Energy. This may mean switching to LED bulbs or changing the timer on your geyser so that it only heats up when you expect to need warm water.
“A geyser can account for 40% to 60% of your electricity bill each month. By installing a geyser timer, you can regulate it so that the geyser is off during peak times,” said Cruise.
A geyser blanket will maintain the heat in your geyser, so that it does not need to be switched on as often.
Make it a habit to unplug appliances and electronics usually left on standby. Items like TVs, laptops and cellphone chargers still draw electricity even when they’re in standby mode. Another tip for chilly nights is to opt for an electric blanket rather than
a small heater in your bedroom, which can use up to four times as much electricity.
In the longer term, consider installing solar power in your home, which can translate to a massive saving on your energy bill.
- Get the appliances you need for as long as you need them
Moving into a new home is costly, particularly if you need to buy expensive appliances like a washing machine or TV. There are alternatives to racking up high-interest debt or forking out a lump sum. Teljoy, for example, offers a wide range of home appliances on a rent-to-own basis. This is a flexible, convenient way to get access to appliances on a month-to-month basis, with the option to take ownership after a certain period or cancel the contract at any time.
- Clean your fridge
We’ve all heard about how you can save money by switching your geyser on and off, but did you know that a dirty fridge uses extra power? The coils located at the back of your fridge cool the air down but they can’t do so efficiently if they’re coated with grime. To reach the coils, unplug your fridge, pull it away from the wall and gently brush off any dirt and dust.
Do this annually and it will help you save on power costs.
A fridge is one of the top energy-using appliances in the home, and simply cleaning its exterior coils can reduce the amount of energy it uses by up to 30%.
- Change your daily habits
Small savings can add up to a big amount if done regularly.
Drink water instead of pricey soft drinks and opt for tap water instead of buying bottled water – it will be better for the environment too. Save money on your weekly shopping by making sure you cut down on food waste. Install an app like Upnup that allows you to add on or round up every transaction so that it can automatically be invested as a micro-saving.
“It’s a transaction that is happening anyway, why not make it work in your favour?” said Tony Mallam, MD of Upnup.
When doing laundry, choose cold-water cycles whenever you can, and air-dry clothes instead of using an energy-guzzling tumble-dryer. Only wash when you have a full load – the same goes for the dishwasher.
Eat all leftovers and take stock of what you have in your food cupboard before going to the store, so that you can shop with more precision.
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