This is an edited version of an article that first appeared on JustMoney.co.za
WITH the rapidly rising cost of living, it may not be clear how much money South Africans need to survive, both while earning a living and in retirement.
Gareth Price, the founder of Cloudworx and Investmint, and the CFO at BackaBuddy, said, in general, households should prioritise the basics, such as food, rent, transport, electricity, education, burial insurance, debt repayments, basic hygiene and medical products.
He believes,on average, these costs add up to R7 000 to R9 000 per month.
“If you want to move into the middle class, school fees and rent become more expensive and you may choose to purchase a car rather than relying on public transport. On top of this, you may take…