[ADVISOR VIEW] Thulisile Nkomo from NFBwealth explores these tools to ensure an undisturbed flow of cash in households in order to cope with the rising cost of living? Moneyweb FinancialPlanning
Many South Africans are inundated with the constantly rising cost of living. The cost of food, transportation and sustaining debt has risen so high that it has stirred up financial insecurity in some South African households. These living costs are rising against a fixed salary, which leaves most people with less disposable income and very limited resources to cover monthly living costs comfortably.
This article explores these tools in detail as well as how they can be implemented to generate extra income and sustain a sound financial state. Although budgeting is necessary for the regulation of expenditure, it does not always mean that there will be extra money available to spend. It is for this reason that many South Africans go the extra step and take on a side hustle. A side hustle is a means with which to generate an extra income outside of one’s main salary, either to supplement household needs or to boost one’s liquidity.
If you have enough garden space, it would be cost-effective to start a vegetable garden instead of buying them from the shops. Instead of taking the car to the wash, one can invest in a good vacuum cleaner and cleaning consumables and take on the responsibility themselves. Duties in the household can be split up amongst the individuals to avoid paying a domestic worker or a gardener to do it for them.
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