Very few South Africans will succeed in earning R45 000 per month in wages, but the rapidly rising cost of living means this is how much most would need to survive while earning a comfortable living and in retirement. Consumers have diverging ideas about what it means to survive financially says Gareth Price, founder of both Cloudworx and Investmint and CFO at BackaBuddy.
“Households should prioritise the basics, such as food, rent, transport, electricity, education, burial insurance, debt repayments, basic hygiene and medical products that add up to R7,000 to R9,000 per month.”How much to move into the middle class? However, the vast majority of South Africans earn less than R3 500 per month and only the top 1% earn around R45 000. Compare this then to a government pension grant of R1 890 per month or R1 910 if you are older than 75.
South Africans have numerous concerns, from security, electricity and transport, to quality education for their children. Reduce your debt. Debt is acceptable if it is for a home loan to buy your own property, but it is bad it you borrow money to buy the latest gadgets. If more than a third of your income goes to paying your debt and you have to take out loans to get through the month, get help from professional debt review companies.
Check your medical aid to see if it still meets your needs and make sure you know enough about its benefits.
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