Budgeting is key when looking to save some extra money. Picture: Pexels
Maintaining a home budget may be a hard task, especially in the face of high mortgage rates, growing inflation, and power price hikes.
Households who are feeling the squeeze will have to find inventive ways to help make their budgets stretch further.
“Most economists predict that we will see our first interest rate cut of around 0.25% in September or November this year,” said Adrian Goslett, the regional director and chief executive of RE/MAX of Southern Africa.
“This will bring some much-needed relief to homeowners, but it is unlikely to solve all their money struggles.”
He added that once interest rates go down, this may help cover the additional cost of electricity due to tariff increases. It’s also a good idea to look into ways to reduce your electricity bill.
“There are a few inexpensive ways to reduce your electricity usage, but the most effective would be to explore alternative energy solutions such as solar. Although expensive, solar power will also have a positive effect on a property’s resale value,” Goslett said.
Set your geyser to a timer.
Switch to LED light bulbs.
Use a power strip to easily disconnect multiple devices at once.
Use a gas rather than electric heater.
Install a gas stove.
Creating a weekly meal plan, making a shopping list, and sticking to it can help you save money and reduce food waste.
In the June Consumer Price Index, food and non-alcoholic beverages increased by 4.6% year-on-year. Buying groceries in bulk, cooking at home, and creatively utilising leftovers can also help you stretch your food budget.
IOL