Why you'll be richer in March

Following Finance Minister Pravin Gordhan's Budget Speech last week, a single month could seem roughly R170 longer for the average household. 

But thanks to the latest fuel price adjustments, your wallet could be heavier come pay day.

This is according to calculations by the Efficient Group, which indicate that even those who enjoy drinking and smoking will save money as a result of the newly announced fuel price.

The department of energy at the weekend announced a 69 c/litre drop in all grades of petrol. Diesel however will increase by 14-15 c/litre.

Economist Francois Stoffberg said with all the cost increases factored in, such as the 30 c/litre fuel levy, 'sin tax' and the new tyre, light bulb and plastic bag taxes, the average family will pay roughly R123 more every month.

He said this excludes families with smokers.

"For every smoker that smokes a packet a day, that's going to cost you roughly R26 more every month," said Stoffberg.

The total additional costs for households where both parents smoke will be around R176 a month.

But, thanks to the drop in fuel prices for March, the average family (with two smokers) will save up to R106 a month.

Stoffberg said the monthly save is mainly due to South African families' high dependency on fuel.

The average household, according to the calculation, consists of two parents and two children.

Together the married couple consumes roughly 4 ciders and a bottle of wine every week, and one bottle of spirits every month.

The calculations are based on consumption and not on income.

(File photo: Gallo Images)