By Everson Luhanga
- Rising global tensions are expected to push up fuel, food and transport costs, putting extra pressure on already strained South African households.
- Financial experts urge saving small amounts, avoiding new debt and using stokvels or side income to stay stable during uncertain economic conditions.
Many South Africans already live with daily challenges like load shedding, floods and rising prices. Now global conflict is adding more pressure to household budgets.
Tensions in the Middle East are driving up oil prices. This is expected to increase transport costs and push up food prices. At the same time, inflation is rising and economic growth is slowing.
For workers and families, this means every rand must stretch further.
Sarah Nicholson, head of customer experience at JustMoney, said people should focus on being ready for shocks.
“The goal is not to try to predict what will happen next, but to build financial flexibility that can help you cope in turbulent times, even if resources are limited,” she said.
She advised building a small emergency fund. Even saving a little each month can help cover essential costs and reduce the need to borrow money.
Nicholson said cutting daily expenses is key. People can save fuel by sharing lifts, using public transport and keeping cars in good condition. Planning meals, buying in bulk and choosing cheaper brands can also reduce food costs.
She warned against taking on new debt, especially high interest loans. Instead, households should focus on paying off existing debt and keeping up with repayments.
Keeping a small amount of cash for emergencies can also help during unexpected situations.
Nicholson encouraged joining stokvels, where members pool money to support each other in tough times.
She also advised people not to panic when markets change.
“Having a plan helps you respond calmly and avoid making costly mistakes,” she said.
To increase income, people can rent out space or look for freelance work online. Some may also invest in global markets through local platforms or consider opportunities to work abroad using in demand skills.
Pictured above: A shopping trolley
Image source: Supplied
