Durban - Burdened with blackouts, a drip-drip of water supply and the increasing costs of petrol and groceries, South Africans are feeling the pinch.
This week, Eskom announced interchanging levels of load shedding until Friday.
“The emergency generation reserves are almost depleted, both the diesel and pumped storage dam levels. The higher load shedding stages are required to help build up the emergency generation reserves during the week,” the power utility said.
#POWERALERT1
Stage 4 loadshedding will be implemented from 12:00 on Sunday until 05:00 on Monday.
Loadshedding will then vary between Stages 4 and 3 until Wednesday morning. pic.twitter.com/5bzcNCY5AR
Meanwhile, Gauteng residents are grappling with a poor water supply.
On Tuesday, Johannesburg Water said the increased rainfall in the province contributed positively to the recovery of its bulk supplier.
“This brought subsequent improvement in Johannesburg Water systems. Systems will be monitored as we strive towards the full recovery. Johannesburg Water urges customers to continue reducing consumption and observing stage 2 restrictions,” it said.
According to the Central Energy Fund’s latest unaudited data, petrol and diesel prices are set to increase.
IOL reported that based on the available data, South Africans can expect petrol price hikes of 60c to 70c a litre, while diesel is looking set to go up from R1.50 to R1.60. 95 unleaded petrol currently costs R21.71 per litre at the coast and R22.36 inland, following October’s decrease of R1.02 per litre, while 93 unleaded currently retails at R22.06.
The Automobile Association is particularly concerned about the diesel price hikes, as increased transport costs for food and manufactured goods will be passed on to consumers.
Furthermore, the Liquid Fuels Wholesalers Association has warned that South Africa faces a risk of fuel shedding.
Consumer finance website JustMoney.co.za has offered tips to help assist in getting one’s finances in order:
Review your budgeting goals: review your bank statements to see where your money goes. Cutting extraneous spending can free up cash, enabling you to reduce your debt and reach your financial goals.
Organise paperwork: documents left lying around are likely to get lost. File important documents and shred records you no longer require.
Examine your policies: Are your insurance policies still relevant to your needs? Your circumstances may have changed in the past few years, particularly in the aftermath of the Covid-19 pandemic.
Seek expert advice: a reputable financial adviser can help you to review your policies and advise you of the financial implications of any changes you are considering.
Check investment performance: Are you receiving optimal returns, paying fair management fees, and adopting the appropriate risk profile for your life stage? For example, a middle-aged manager would generally require a more conservative investment portfolio, while a young professional may be less risk-averse.
Make the most of your medical aid: ensure that you make the most of any benefits, such as free health checks, and savings at affiliated companies. Check that you are on the appropriate tier for your needs. Consider gap cover to prevent major shortfall expenses.
Check your credit score: your credit score is used by lenders to assess your risk profile and determine the interest rate you should be charged. It’s important to know your score and work to improve it if necessary.
Take a debt inventory: get a clear picture of what you owe, and the interest rates charged for each amount. Work towards paying off the debt that charges the highest interest rate, such as credit cards. If you are struggling to pay off debt, contact a reputable debt-counselling company to assess your situation.
Update your will: your circumstances may have changed since you last drew up your will. Ensure it’s up to date and reflects your wishes. If you don’t have a will, draw one up as soon as possible.
IOL