7 fuel-savings tips you should know

Reading time: ±2 min.

The nationwide lockdown, implemented due to the COVID-19 pandemic, has decreased the kilometres we travel every month. However, fuel prices are not likely to drop drastically in 2021. In fact, the price of petrol has increased steadily since the budget speech in February. Learn how petrol hikes impact your pocket and use our tips to make your money and kilometres go further.

According to the Automobile Association, the current petrol hikes in South Africa can be attributed to an increased optimism surrounding economic recovery as the global roll-out of COVID-19 vaccines becomes more of a reality. The following also plays a role:

  • The increase in the demand for oil
  • Socio-economic tensions in the Middle East
  • The increase in the fuel levy in South Africa

What is the impact of fuel hikes in SA?

When the price of petrol increases, it affects more than just the amount of fuel you can get per rand. Some ways in which you may be impacted by petrol hikes could include:

Rise in public transport costs
When the price of petrol increases, South Africa’s public transport industry suffers. Not only do the drivers feel the pinch, passengers are also impacted by increased fares for both local and long-distance travel.

Mark-up on grocery prices
The higher the cost of fuel, the pricier it becomes to move produce and other items around the country. As a result, this makes the average monthly groceries for households more expensive.

Small businesses suffer
A bigger budget for petrol and other necessities means a smaller budget for luxuries. This impacts the income of smaller businesses, not only because people are making fewer purchases, but because the cost of supplies increases, too.

How can you save on petrol?

Although fuel hikes and the pinch they bring are inevitable, there are ways to cut down on your petrol usage:

Be prepared
Lastly, always be aware of petrol price hikes so you can budget efficiently. Be sure to make changes to your entire budget and not just your fuel allocation – be mindful of how you spend money and where you can cut back.

For more financial advice, read these helpful articles:

The information is shared on condition that readers will make their own determination, including seeking advice from a professional. E&OE.

References:


What does financial success mean to you?

Read time: ±1:20 min.

Think about how good it felt the last time you reached a goal – perhaps you completed a training course that improved your job skills, or you achieved a fitness milestone. Learn what financial achievement is and how to attain it.

Whether at work or in your personal life, any achievement is satisfying. This is because an achievement is only realised after you’ve worked tirelessly to successfully reach your goal.

Financial achievements may include:

  • Sticking to a budget or spending less than you earn
  • Having an emergency fund
  • Paying off credit cards
  • Having a good credit record
  • Becoming debt-free
  • Staying on track with your savings plan

Tips for financial success

Set a goal
You don’t need a complex financial strategy and, as listed above, there are many goals to tick off on your way to financial freedom. Start with something small and once you achieve it, it’ll be easier to move forward with confidence.

Create a plan
Map out the different steps needed to achieve your goal, then take the first one and start to implement your plan. Focus on what you can do right now.

Seek help
Contact your financial coach for guidance to achieve your financial goals. It is free and available for you to use.

For more financial advice, read these helpful articles:

The information is shared on condition that readers will make their own determination, including seeking advice from a finance professional. E&OE.


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