Sat Jan 07 2023 11:43:26 GMT+0000 (Coordinated Universal Time) - QikTruck Media
South Africa is currently facing a recession. For the people of the country, it is more important now than ever to hold onto and maximise their savings. But how can South African residents make the most of their money during a difficult financial period? In this article, we’ve handpicked some of the best strategies for maximizing your savings during a recession.
During times of recession, some businesses and assets are more likely to remain stable and hold their value, despite economic conditions. These are known as “recession-proof” investments. Investing in these kind of assets is a great way to protect the purchasing power of your savings and create a collateral base for future investments that can sustain both you and your family.
Examples of recession-proof investments may include gold, shares in food production companies, telecoms companies and public utilities. Other recession-proof asset classes may include government bonds, ETFs, mutual funds and cash.
The South African government has implemented several relief initiatives to help people cope with the financial burden of the recession. One example is the 2018 Income Tax Relief, which is a tax-deductible investment of up to R33 000. More recently, the South African Taxpayers Association has also introduced additional relief through their tax relief on pension funds.
Utilizing the tax relief offered by the government can help you save money and build up your savings while paying less tax. You should consult a financial adviser to work out your tax relief options.
During times of recession, companies often need to cut costs to survive. Many companies are willing to negotiate with you on contracts, services and prices as a way to reduce their own costs.
If you’re a South African resident, you should take the time to look for opportunities where you can negotiate better prices for services and goods. For example, if you’re a frequent traveller, you can negotiate lower rates for flights or car rentals. Similarly, if you’re looking for a service such as web hosting, you can use negotiation skills to get a better deal.
During times of recession, it’s also important to keep a close eye on your expenditure. This means ensuring that you’re only spending money on things that are necessary – and only spending money on things that you can afford. You should also make sure to pay off your debts as soon as possible.
Creating a budget is a great way to manage your expenditure and keep track of your financial decisions. It also helps to create realistic goals for your future and enable you to maximize your savings regardless of economic conditions.
A sinking fund is a savings account dedicated to covering expenses you may face in the future – such as home repairs or car repairs. Setting money aside in a sinking fund is a great way to ensure that you have money saved up for the unexpected. This can help you maximize your savings, as you don’t have to worry about dipping into your savings to pay for emergency expenses.
The recession is making it more difficult for businesses to move goods and deliver products. But with the introduction of Qiktruck, South Africans now have access to a reliable and cost-effective truck and driver hire service – helping to make it easier to move goods wherever they need to go. Qiktruck offers on-demand truck and driver hire services, with prices that are competitive and fair.
For businesses, this kind of on-demand service means that they can transport their goods faster and more cost-effectively, without sacrificing quality and safety. QikTruck’s prices are also competitive, making it more affordable for South African businesses to use such services, despite the challenging financial climate.
For South African residents who are looking to maximize their savings, QikTruck is an ideal solution. With its affordable prices, quality services and wide range of options, QikTruck offers customers an easy and cost-effective way to transport their goods – helping them to save money during a difficult economic period.