South African Reserve Bank (Sarb) governor Lesetja Kganyago announced that the bank would increase the repo rate by 50 basis points.
Economists have urged consumers to start preparing for even further interest rate hikes this year based on inflation.
Financial advisor Paul Roelofse offered practical advice on how reduce debt and budget better for the tough year ahead.
Listen to the full conversation:
The only way to get through this is to start measuring things all budgeting takes is a sheet of paper.— Paul Roelofse, Financial advisor
We have to be brutal about the details of our expenses and look at every rand in monthly budget - where its allocated and where you are spending.— Paul Roelofse, Financial advisor
Generally speaking, the most expenditure if the 'nice-to-have-side' of the budgets. They might have to go.— Paul Roelofse, Financial advisor
We've got to make sure that we don't go further into debt.— Paul Roelofse, Financial advisor
You've got to learn to live under your means and not over your means.— Paul Roelofse, Financial advisor