Fuel price increase calls for tighter management of finances

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Fuel price increase calls for tighter management of finances

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Phoenix Durban

Danny Zandamela, CEO of Ithala SOC Limited.

The announcement by the Department of Energy of petrol and diesel price increases, which took effect last Wednesday, only reinforces the mantra to save! So said Danny Zandamela, CEO at Ithala SOC Limited.

Motorists will now pay seven cents per litre more for 93 and 95 grades of petrol, and between one and two cents per litre more for diesel.

“The difficult economic environment teaches us an important life lesson which is to prioritise. With some consumers feeling the financial pinch after having splurged over the festive season, the long-awaited January salary would have been most welcome. However, long-term financial planning is important,” said Zandamela.

Putting away money for the unforeseeable future is very necessary, he noted. 

“As the cost of living rises, financial flexibility and disposable income are impacted. Irrespective of your level of income, all individuals need to inculcate a culture of savings,” he explained.

According to Zandamela, if you want to reduce your financial risk, save as a means to empower yourself financially.

“Financial freedom lies in our own hands. Therefore, be serious and committed to reducing over-indebtedness and reliance on credit and loans. Regular saving will reduce financial stress and remember, no amount is too small to save,” he added.

Zandamela said there were a number of financial tools to empower people to save such as a 32-day express account or a fixed deposit over six, 12 or 24 months.

“Take control of your financial future,” concluded Zandamela.

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