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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:

For confidential assistance, contact Life EHS; SMS your name to 31581 and the Care Centre will call you back.

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

References:


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4 ways to relieve money stress

Read time: ±1:40 min.

Money may not be able to buy you happiness, but it can help secure a comfortable future. Read our tips.

Financial stress negatively impacts nearly every facet of your life, affecting concentration and focus, your work performance and family responsibilities, which can lead to problems in relationships. Fortunately, if you make wise financial decisions, money can bring relief.

Here are 4 ways to put your money to good use:

1. Get value for your money

Work on significantly reducing your bills and getting more value for the money you have. For example, this could mean paying your debt and not taking on more credit. This is important as the less debt you have, the more you can save for emergencies and prevent the debt cycle.

2. Prioritise saving

Saving ensures you have an emergency fund or a safety net for unforeseen events. It also enables a better future, creating the possibility of enjoying financial security in your golden years. Ideally, 10% of your monthly earnings should go towards savings. If you can’t afford 10%, commit to an amount that is more realistic. In some cases, 10% can be achieved if you reassess your expenses.

3. Spend wisely

While splurging can give you temporary happiness, carefully planning your finances will ensure peace of mind. Set up a monthly or weekly budget and stick to it as far as possible. Include your expenses, debit orders, savings allocation and a portion for recreational spending and entertainment.

4. Pay it forward when you can

Helping others can make you happier. When you can afford to, donate a portion of your income to those in need. You can either give money or you can buy essential items, such as blankets, perishable foods, clothing and soap, and donate those instead.

Remember, your financial coach is ready to help with confidential and professional financial coaching and support, over the phone or electronically.

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


Do these 4 things to secure your future finances

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