Letter from the editor

IT’S A scary thing being a homeowner who bought on the top of their budget when interest rates were the lowest they’ve been in decades.

As each interest rate increase is announced, and a few hundred rand is added to the bond repayment, it’s easy to become alarmed.

I mean, who doesn’t remember when interest rates were over 20% and many had to sell their homes in a rush.

Experts predict interest rates could be as high as 8.75 by the end of the year, coming from a low base of 7.

Believe me, homeowners are going to have to learn to tighten their purse strings quickly. Dreams of furnishing homes with amazing new decor are out the door as DIY and furniture fixer-uppers are the order of the day.

Rising food prices also mean what’s on the table for your family will have to be adjusted, and well, petrol prices mean you may have to walk more, where possible, and car pooling – dismissed as a greenie vibe in the past – will be a reality.

Tightening our belts is not a bad thing.

Having completely downsized my life, and being left with only what I need, it’s easy to see how much excess we actually live with. However there are many who were already stretching themselves and families to the limit. Interest rates hikes will hit them the hardest.

But please don’t lose hope. Things are changing and we are constantly finding new ways of living and surviving that don’t quite fit in with what we have been taught is the measure of success.

Reach out: to your bank, to your family, to your place of employment, to friends, to your neighbours. Pool together. This new era demands a new way of being in this world where sharing is truly caring.

Warm regards

Vivian Warby

vivian.warby@inl.co.za