Hello Leruo family, I have been pondering how you are keeping up with the high cost of living. It is increasingly becoming difficult to stretch every cent to make ends meet and provide for our families.
In a post on my Facebook account, I asked my community of trailblazers what they have cut down or had to let go off to keep up with the high cost of living. This question also comes on the back of another interest rate hike announcement by the South African Reserve Bank (SARB) increasing the cost of debt. The truth is another interest rate hike will put more pressure on families who are already in debt.
To help you navigate the tough economic times ahead, this week’s article provides some creative ideas that people shared in the Facebook post I made. I would also like to mention that not all ideas will work for you and this list is not exhaustive.
So, what are some of the ideas ordinary Basotho are implementing to stretch their money and keep up with the high cost of living?
- Consider starting a small vegetable garden. This will provide you with fresh vegetables daily, cutting the costs of always buying.
- Consider cutting down or reducing your spending on eating out and alcohol. If you used to order take-outs every day for example, consider reducing it to once or twice a week.
- Consider using grocery shopping lists and buying non-perishables in bulk from wholesalers. Using shopping lists will help you stay within budget and avoid overspending.
- Consider packing lunch to work to avoid spending on take-outs. This is not to say that you cannot have any take-outs every now and then.
- Consider cutting down on transportation costs by either walking or reducing unnecessary trips to save on fuel. This will depend on your individual circumstances.
- Consider cutting down on expensive hairstyles where some people have opted to cut their hair or now keep the same hairstyle for longer.
- Consider downgrading or cancelling entertainment subscriptions and replacing them with new activities such as reading or spending time with loved ones.
- Consider selling high-maintenance cars and downgrading to more fuel-efficient cars.
- Consider cutting down the travel budget or the number of travel trips.
Alternatively, you can also consider creative ways to increase your sources of income. In a previous article, ‘How to monetise and increase our sources of income’, available on www.thereporter.co.ls, I discussed ideas on how to monetise your skills, talents and resources. Increasing your sources of income will help reduce the financial burden.
I am a big advocate for living a BALANCED life. I must therefore emphasise that while it is important to make changes to keep up with the high cost of living, having a balanced approach is equally as important. Do not give up on things and activities that are good for your physical and mental health or emotional well-being, while also still trying to align yourself with the high cost of living. Please consult qualified professionals such as financial planners or psychologists to help you should you feel overwhelmed. Likhomo!
Disclaimer: The views expressed in the article are those of the author.
