HOW TO: Manage your finances in 2023

With the latest inflation numbers due out on Wednesday, economists have warned South Africans to brace themselves for another difficult year, which is likely to see the price of  food and fuel increasing, in addition to electricity costs.

Interest rates are set to rise further, while incomes remain stagnant, and therefore managing finances well this year has become imperative.  

According to the Household Affordability Index, in December the cost of the average household food basket increased by R17.21 to R4 853.18 compared with November. The index looks at a family of seven members — the average low-income household size. On a year-on-year basis, the cost of the average household food basket increased by R577.24 or 13.5% in December.

Budget and budget reconciliation will therefore make your life easier and give you a clear outline of what you are spending your money on.