Consumer and business owner’s pockets will be tested

Looking at all the chaos in increases in almost everything, are there any more surprises coming our way?

In the next couple of months, loadshedding, the increase in fuel price, and the 1% increase in Vat, will definitely take a toll on the consumer and business owner’s pockets.

Companies will do well to take hands with other companies to lighten the load on themselves and their employees. A company however need the buying power to be in the position to negotiate with bigger companies for discounts etc.

Smaller Companies can lighten the load on their own employees, by looking at subsidising lunch at an onsite canteen. Afterall.. You can’t always afford to pay them more, but their money is definitely worth alot less.

Saving is definitely even more important now. The best way for someone who have only a small amount to put aside, but still want to save something for someday, is a normal savings account. The growth is not as big, but between 4% and 6% it still does grow.

Also keep your savings account flexible for unforseen circumstances.  Do not just leave this in your normal account. It is important to separate  your savings from your running account.

Try and save up enough to subsidise yourself for 6 months. Then only look at higher risk/higher reward investments.

Adjust your mindset to get by with a bit less every month, and not spend your whole salary in order to save.  Prioritise. What is important. Long-term. Childrens studies, retirement.

If you realise that by what you are saving at the moment, you will not be able to afford those important things in future, you have one of two options.

1. Try and increase income. Maybe a side-job, or an extra commission income.
2. Try and curb expenses. We all have some luxuries  that could be cut from your living expenses without too much of an upset.

If you do decide to increase your income, make sure that this does not affect your fixed income.  Make sure in your employment contract, and be open with your employer.

Your employer might look at the following when you have this discussion.

1. It doesn’t interfere or intervene in your day-job
2. Not competition for your current employer

Intrapeneurship, (Starting another business within the business you are in, adding value to both businesses.

Just be careful that your employer respects your idea and input, and by implementing it, you will also benefit financially.

Most people are too scared to risk their idea being hijacked, and would rather leave it dormant than actually getting out there and potentially making a huge success of yourself.

Once you start backing yourself, even if failure is a possibility, eventually you will build up the confidence, and courage to make a huge success.

Contact Priavis for a free Business consultation session. Run your ideas past us. You have the ideas, we have the know-how to make it a success.  We love people chasing their dreams, and help them tweak their success story.