July Marks National Savings Month in South Africa: A Time to Reflect and Adjust
Published by Mapepeza News Media in support of Money Smart Week, a national initiative promoting year-round financial education.
As winter grips South Africa, July is more than just another chilly month—it’s also National Savings Month, a time when consumers are encouraged to take a step back and rethink how they manage their money.
In a time of rising fuel prices and economic uncertainties, saving has never been more important.
This year’s theme, “Savings Prepares You for a Sustainable Future”, comes at a time when many households are feeling the pinch.
In May, the South African Reserve Bank lowered the repo rate to 7.25%, which should have offered some relief. But July arrived with a fuel price hike—petrol jumped by 53 cents per litre and diesel by as much as 84 cents. These increases are expected to trickle into transport and food costs, further stretching household budgets.
According to the Gauteng Office of Consumer Affairs (GOCA), many people underestimate the impact of fuel prices on everyday finances. Rising transport costs not only affect commuting but can reduce overall disposable income—making it harder to set money aside for emergencies or long-term goals.
But even in tough times, saving is still possible.
Milly Viljoen, Director of Consumer Education at GOCA, encourages consumers to start small. “You may not have control over the economy or interest rate fluctuations, but you do have control over the actions that you take,” she says.
Whether it’s for a rainy day, a new home, or a family vacation, having a clear savings goal can help build financial discipline and resilience. The key is to start where you are—with whatever you have.
Here are a few easy shifts that might help lighten the load:
- Fuel smartly: Maintain your car and drive efficiently to save fuel. Better yet, consider carpooling or public transport. Combining errands and shopping can reduce fuel costs, and opting for delivery services may help you stick to your budget.
- Rethink your spending: Revisit your budget and adjust for rising fuel and food costs. Cutting back on small luxuries, like frequent takeout meals, can create room for savings.
- Plan your meals: Home-cooked meals can go a long way. Freeze leftovers, reduce wastage, and avoid those costly last-minute fast-food orders.
- Save consistently: Even putting away a few rands a week adds up. Over time, small amounts turn into a safety net for emergencies.
- Look into smart investing: Once you’ve built an emergency fund, consider safe investment options. But beware of pyramid schemes—only invest through registered financial service providers.
- Shop around: Compare prices online and in-store. You’ll be surprised how much you can save just by choosing where to buy.
- Trim unused services: Are you really using that landline or premium TV subscription? Cutting back could put extra cash in your pocket each month.
Mapepeza News Media proudly supports Money Smart Week, a collaborative effort that aims to build a more financially literate South Africa. By sharing practical, non-instructional tips and financial insights, we hope to empower our readers to take small steps toward long-term stability.
For more consumer advice, contact the Gauteng Office of Consumer Affairs at (011) 355 8006 or email: consumer@gauteng.gov.za.
Let July be your reminder: saving isn’t just a monthly theme—it’s a mindset.