8 Tips for Making Ends Meet in Botswana in 2023

Below we offer a round-up of useful tips for making ends meet in Botswana in 2023.

Last year was marked by high inflation in Botswana and elsewhere around the globe – and this year, prices look set to say high.

Financial pressure on households and businesses

Inflation in Botswana reached a 14-year high in August 2022. It has started to ease a little since then, but prices look set to continue their upward trend in 2023.

Transport has been the hardest hit by inflation, with worldwide spikes in petrol costs. Food is next, with sharp increases especially in the prices of cooking oil and fats.

Alongside high inflation, unemployment in Botswana remains high, especially among the youth (reaching 26% in 2022). So it’s no surprise that many households are struggling to make ends meet.

Tips for making ends meet in Botswana

To manage monthly spending, it’s a good idea to start by tracking your spending and drawing up a simple budget. You can do this just on paper, or try one of many free budgeting templates online. Once you know where the money is going, you can make adjustments.

Along with basic budgeting, there are some fast and straightforward ways to reduce spending. Below we outline some of these “quick win” strategies, in case they help.

1. Negotiate with your bank and insurers

Don’t assume you’re currently getting the best deal from insurance companies, medical aid providers or banks.

Review your premiums and fees annually, and compare them with offers from other institutions.

It’s also a good idea to phone your existing providers to ask if they can give you better deals. Sometimes they actually will.

Negotiating lower monthly premiums and fees (which takes just a few phone calls) could leave you with extra funds to put towards monthly expenses.

2. Join a car pool

With the high price of petrol in Botswana, any reduction in car use will save money.

If you commute to work, a really effective money-saver is to get together with colleagues and organise a car pool. Share a car with just one other person, and you’ll automatically cut your petrol and parking costs by 50%!

Other tips for reducing petrol costs:

• minimise trips by planning ahead and combining multiple tasks per outing
• use Google Maps to find the most direct and least congested routes
• figure out if buying online and having items delivered will be cheaper than driving (this applies especially if you’ll be spending enough for delivery to be free)
• keep your tyres at the recommended inflation for your vehicle and periodically have their alignment checked (this can reduce fuel consumption)
• minimise use of vehicle air-conditioning
• reduce average driving speed, when it’s safe to do so
• walk or cycle whenever possible.

3. Automatically debit your own account

An effective way to save money in Botswana is to set up an automatic debit on your own account.

Even if you can afford only a small amount, it’s worth having this moved directly from your main account to a separate savings account at the start of each month.

This forces you to pay yourself. Once you adjust to budgeting with the figure that’s left, the process is painless.

4. Put the brakes on “routine” luxuries

Even a tight budget can usually stretch to small treat items now and again. It’s routine spending on unnecessary items that adds up.

Rather than trying to eliminate luxuries, aim to cut down on luxury items you consume every day or most weeks.

For example, you might decide to enjoy one coffee a day instead of several. Perhaps save up and eat out to mark a special occasion, instead of regularly buying fast food.

Cutting back on certain luxuries, like alcohol and cigarettes, can save a small fortune.

5. Reduce electricity consumption

Electricity in Botswana costs a lot more than it did just a few years ago. A few tips for reducing consumption:

• when buying new appliances, choose models with the highest energy efficiency ratings
• swap incandescent light bulbs for LED bulbs
• switch off appliances when not in use (even in standby mode, they use electricity)
• consider washing most laundry in cold water
• insulate your home to reduce heating and cooling costs
• switch on the geyser just for a couple hours a day.

6. Shop around, online and off

Don’t be taken in by sales – but do shop around for the best prices on items you know your household needs.

To compare supermarket prices, try Spar, Choppies and Shoprite.

These days, you can compare online prices for other types of purchases too, from clothing to building materials to school stationery.

Also look out for online specials. Having items delivered isn’t extravagant if delivery is cheap or free. Also, some specials are available only online.

7. Trust in your ability to DIY

Many household and even vehicle maintenance jobs are much cheaper and easier to complete yourself than you might realise.

Thanks to the internet, it’s easier than ever before to do this.

Online, you can access DIY guidance, detailed instructions and even video demos. You’ll find expert advice on just about any maintenance task, from fixing a leak or repairing a wall to changing your car’s motor oil.

8. Don’t berate yourself if you have a bad month

There’s bound to be a month or two when you find yourself short. Unexpected costs and sudden rises in prices can mess up your budget.

Don’t let this throw off your efforts or force you into bad spending habits. These issues can be corrected the next month, even if it means being strict for a while.

How Lamna can help you make ends meet in Botswana in 2023

If you need a short-term loan to make ends meet, we can assist.

Lamna is an accredited financial services provider that offers loans against personal assets, from vehicles to jewellery or artworks. We operate in Gaborone, as well as in major cities across South Africa.

A few advantages of our asset-based lending model:

• very fast access to funds (typically on the same day you apply)
• competitive interest rates
• no hidden fees or early payment penalties
• no need for credit checks or proof of employment
• completely discreet.

For more information about getting a short-term loan against an asset – for example to help in making ends meet – in Botswana in 2023, contact us on 71 388 088 or simply complete and submit our online application form.