Financial advisor weighs in on how to stretch your budget
With a rise in cost of living, local financial advisor Marothi Letsoalo said it is important that people cut unnecessary costs and instill discipline when spending money.
POLOKWANE – The recent fuel price hike and general rise in cost of living has changed the way people think about budgeting.
Local financial adviser Marothi Letsoalo said budgeting requires disciplined spending of your money on a day-to-day or long term basis and weighed in on how to cope with rising inflation.
“People need to consider alternatives in order for their budgets to have an impact their monthly household spending,” he said.
In order to do this, Letsoalo said one needs to track expenses and follow a consistent plan as that will make it easier to know where your priorities lie.
He said there are four areas that households should focus on:
1. Distinguish between needs and wants
2. Look for alternative ways of making an extra income for the household and ensuring there is a demand
3. Buy grocery items in bulk
4. Embrace investment into property and other avenues.
He further advised people to cut unnecessary costs and instill discipline in the way they spend their money.
The Polokwane Review spoke to several residents on how they cope with the reality of a rise in cost of living.
