With the price of cooking oil having risen over 50% in the past year alongside other essential goods, consumers have been forced to buckle up and watch their spending.
There are several products in the market that can help consumers save on their groceries. One of them is a product offered by insurance company Assupol. The company claims its Assupol Rewards programme can help South Africans save up to R15 000 on groceries a year.
The rewards programme enables people to save up to R1 250 a month (R15 000 per year) on monthly essentials.
The data provided by Assupol shows that cooking oil is the product consumers were saving the most money on.
The rewards programme includes instantDiscount coupons every month that are redeemable at Shoprite and Checkers, and instantGroceries vouchers redeemable at Shoprite, Checkers and Pick n Pay.
Jurie Nel, the senior executive manager at Assupol, says the rewards programme offers cash discounts on various products purchased by most households.
“South Africa, like many other countries across the globe, is experiencing steep rises in inflation. Essential products and services are becoming more difficult for consumers to afford. The consecutive fuel price increases and the ongoing political tensions in Europe only mean that consumers will get hit in the pocket even more,” Nel said.
Nel said the top 10 most popular coupons used by members are:
- R10 off Sunfoil Triple Refined Sunflower Oil 2l;
- R20 off Parmalat 850g (cheddar or gouda);
- R10 off Black Cat Peanut Butter 800g (smooth/crunchy)
- R10 off McCain Garden Mix 1kg
- R10 off Dairymaid Country Fresh Ice Cream 2l
• R10 off McCain Crispy Oven Chips Crinkle Cut 750g - R20 off Allsome Parboiled Rice 10kg
- R5 off MAQ Dishwashing Liquid 750ml
- R3 off KOO Baked Beans 410g
- R10 off McCain French Stir Fry 1kg
The South African Reserve Bank recently increased interest rates by 50 basis points. The fourth consecutive hike brings the current prime interest rate to 7.5%, piling more pressure on a population under financial stress.
To join the Assupol Rewards, which is free to anyone above 18 years, go to myassupol.datafree.co.za.
Linda Appie from TymeBank said: “The effect of the massive rise in living costs is hard for consumers. Budgets that are already tight need to be tightened even further to manage the impact of these cost increases on their pockets.”
She advises consumers to reorganise their budget instead of using savings or emergency funds to make up the shortfall caused by the increases.
“The best place to start is to relook at your spending on things that are not essential, such as entertainment, eating out or buying takeaways. Ask yourself if it is really a ‘must have’ or ‘nice to have’.
“There are also practical things you can do: to save on electricity, keep the lights on only in areas that you are using, switch off your geyser during the day and only use your car for essential travel – opt for carpooling with colleagues to save on fuel costs,” she said.
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