Kribin, i see you are from Durban. There is a fishing tackle shop on the Bluff, between Marshals tearoom and the Bluff medical center. Not sure what its name is as its only been open for about a month now.
They have second hand life jackets for sale at R30 each. I checked yesterday and there a 4 available.
Give me a shout at 0720822837 if you need any assistance.
They also have a 29meg radio there for R400, stainless steel brackets with bilge pumps for R300 and plenty other second hand boating equipment.