People’s budgets in Namibia have been squeezed by rising food costs, and the recent repo rate increase by the Bank of Namibia has only made things worse.
Thus, it is time for consumers to use their ingenuity and implement tactics to stretch their money further in the face of rising inflation. In this article, I will examine actionable steps that regular Namibians may take to overcome these obstacles and reclaim control over their finances.
To start off, consumers must assess, modify, and prioritize. Establish your financial priorities by separating needs from wants. You can adjust your budget to deal with rising prices by prioritizing important purchases above non- essential ones and reducing non-essential spending.
The best way to offset rising food prices is to purchase wisely. Start by doing price comparisons; through this, you will obtain the best deals. You should keep an eye out for discounts, specials, and promotions. When discounts are plentiful, consider buying non-perishable items in quantity. This can be a long- term money-saving tactic.
Meal Mastery: Arrange your meals and grocery shopping in advance. By reducing food waste and impulsive purchases, you can eventually save money.
Reimagining Leftovers: Use your imagination to create delicious dinners from leftovers. Do not underestimate the potential of freezing or canning seasonal vegetables to enjoy your preferred flavours all year long without going over budget.
Collaborative Purchasing Power: Work together to make purchases with family, friends, or neighbours. You can get group discounts and cut individual costs by using this strategy.
Fuel Financial Resilience: It is critical to modify your financial strategy as inflation and the repo rate rise. Some steps you can take to mitigate the financial strain posed by this include consulting a financial professional to assess your investment portfolio and make any required modifications to safeguard your investments and reduce risks.
Build a Safety Net: Give priority to starting an emergency fund if you do not have one, as this will help to pay for unforeseen costs. For security and peace of mind, consistently contribute some of your money to this fund.
Even though growing food costs and repo rate increases are challenges, Namibian consumers can overcome them with a little financial resourcefulness.
*Mignon du Preez is Group Marketing, Public Affairs and Sustainability Executive at Old Mutual Namibia