How will the VAT hike affect you?

Do you have a spending plan?

Or perhaps a budget to help track your spending?

If not, it could be the very thing you need to keep yourself out of the red for the rest of 2018.

From April 1 the cost of goods and services went up by 1%, meaning things like our cell phone bills, electricity and car insurance all cost us more from April Fool's Day.

Financial expert Frank Magwegwe agrees that it means tightening the already strained purse strings even more.

It's been more than 18 months that the consumer has been in for a rough ride. The only good news is for those with home loans, with the 0.25% cut in the interest rate.

Frank Magwegwe, Founder of Thrive Financial Wellness

Employers need to help, in terms of financial onus programs to help those employees who might be finding it tough.

Frank Magwegwe, Founder of Thrive Financial Wellness

In addition to the VAT increase, sugary drinks, fuel and luxury goods will also cost us more.

Listen to the full interview below:


This article first appeared on CapeTalk : How will the VAT hike affect you?


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