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The Covid-19 pandemic has had a drastic effect on all facets of our daily lives; it has also had an impact on how we save and spend money. Amongst other expenses, such as fuel and inflation, and food prices, the cost of living is steadily on the rise. According to an IOL Business Report published in Q1 2022, South Africans are spending more and finding it harder to put away for those rainy (or chilly) days. Even with basic budgeting, the change of season seems to bring increased financial pressure along with it.
Winter brings its own set of challenges, and often very costly ones. From frozen geysers to stocking the pantry, the colder months see people digging deeper into their pockets. Budgeting is recommended regardless of the temperature, but special attention is required when winter expenses start piling up.
There are a few simple ways to reduce your expenses during the winter months. Small changes can have a huge impact on your bank account and make budgeting considerably easier.
Dusting off the electric heaters and unfolding the electric blankets is usually the first port of call when the temperature starts dropping. Being one of the easiest (and potentially quickest) ways to heat up a house, it’s no wonder that they start flying off the shelves. But these winter warmers tend to gobble up your electricity and send your electricity bills sky-high. Not only does it cost you money to operate heaters and electric blankets, purchasing them in the first place will set you back a few hundred rand. Like most electrical equipment, responsible usage is stressed. That’s why it’s important to buy - or even just to borrow - a reliable heater or electric blanket. On top of that, making sure that they are in good working condition will not only ensure your and your family’s safety, but will make sure you’re not wasting electricity unnecessarily due to ill-function. Considering electricity is charged by kilowatts (kW) per hour, it’s important to ascertain how many kilowatts your heater will be using during its operation.
If you predominantly use gas throughout your home, whether for stoves, geysers, or gas heaters, increased usage of these appliances during winter will also increase your expenses. Although very handy during loadshedding, used incorrectly they can put your family and home at risk. If you’ve been using gas in your home regularly, you will pay significantly less than if you were to purchase a new canister for the first time. They can cost you upwards of R300. Additionally, factor in the cost of replacing canisters based on your daily gas usage when drawing up your winter budget.
Generally, eating out or getting take-out is a lot more costly than dining in. This is usually because the cost of making a meal at home is considerably less than what a restaurant would charge per plate or individual meal. When you’re in charge of stocking the fridge and pantry, you’re at liberty to choose the food and supermarkets that best suit your budget.
Colder temperatures may seem like the perfect time to restock your winter wardrobe. Although it may be tempting to tear up the mall or go on an online shopping spree, this is one category of your budget that needs careful management. If you’re typically in a pinch come wintertime, consider purchasing one good quality coat that you can throw over any outfit and will last you for years to come, as opposed to filling your cart to the brim with "fast fashion" items that are either expensive or of lesser quality and unlikely to last very long, meaning you’ll be spending more money on replacing them.
Budgeting for the winter months shouldn’t be a challenge. If you make simple changes to your typical lifestyle to suit your financial goals, you may even have money left over to put away for a warmer day. The Money app can help you manage your budget with free budgeting solutions, simply download the app and start planning.
This information is intended for general information purposes only and does not constitute legal advice.
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