JOHANNESBURG - Higher electricity tariffs, rising living costs and months of financial pressure have left many stretching their budgets.
Many budgets set at the beginning of the year no longer reflect reality.
July -- which is National Savings Month -- might be the perfect time for South Africans to reassess their financial plans.
Farzana Botha from Sanlam Risk and Savings says people should think of their personal budget as a GPS.
"Things may have happened along the way on the journey so far, and you may need to reflect and see if you should take a bit of a detour," she said.
Botha said this might help keep you on track to meet your savings goals.
Botha said spending habits often contribute to the financial pressure many people experience.
"When you look and see where you have fallen behind, you tend to almost react in a sense of helplessness, or worse, apathetic," she said.
She warns that this sense of apathy can lead people to abandon their financial goals altogether, hoping to start again next year.
Instead, Botha encourages consumers to identify what has gone wrong and make adjustments.
"That puts you in a position to make some course corrections and help you move forward, and still potentially meet the goals that you had for the year."
READ: Minimum wage workers forced to make tough decisions amid electricity, fuel increases
Two weeks into the month, many households may need to reassess their finances.
Power utility Eskom increased electricity tariffs by 8.76 percent in April after the National Energy Regulator of South Africa (NERSA) approved adjustments for the 2026/27 financial year.
The increase initially affected direct Eskom customers, while municipal customers began paying higher tariffs at the start of July.
And while the recent decrease in the petrol price may provide some relief, Botha cautions that it may be short-lived, making it even more important for consumers to stay disciplined and keep their savings plans on track.