Saving and budgeting is critical to any money makeover. Picture: iStock
Following the success of the 2017 Absa/City Press Money Makeover Challenge, which changed the financial wellbeing of six ordinary South Africans for the better forever, we launched the second challenge with five new contestants in October 2018.
A team of Absa financial advisers have once again been paired with the five candidates, assisting them with achieving their personal budgeting, saving, investing and wealth management goals.
READ: Meet the 2018 Money Makeover candidates
Interestingly, this year our five contestants are women, all with their own financial challenges from surviving the loss of the breadwinner, managing money on a freelance income, to getting their adult children on their feet.
Thankfully, the work necessary for managing your finances — such as paying off your debt and then converting the free cash into savings — is achievable with a dose of discipline.
We asked our five candidates for tips and what lessons they have learnt so far:
Three years ago, Samke began her journey in the world of work but was thrown into the deep end with regards to effective financial management. Having incurred a lot of debt early on, Samke felt emotionally drained every time she thought about her finances. Now, the 26-year-old is looking forward to this festive season, so she can implement some of the money-savings tips she has learnt. Find out how she will save this December:
As a freelancer, Tamsin never had stable income stream and when money did flow to her she used to spend it willy-nilly without a second thought or plan. With a downturn in her chosen industry, Tamsin was forced to build a healthy relationship with her finances. With help and tips from her financial adviser, Tamsin feels she has a better handle on her finances. Find out what her holiday tips are:
Using credit cards for your daily expenses without a plan is never a wise idea, but that’s how Thuli used to treat her finances. After a lengthy chat with her financial adviser and a commitment to learn more about effective financial management, Thuli feels that she is in control of her financial situation. Find out what principles Thuli has learnt over the past two months:
A single mother of three, accountant Amanda never had to worry about the dreaded January financial crunch until she had her first child. Since then she’s learnt to make the most of her final paycheck so that it stretches till the end of January. Here’s how:
Property investment has been a passion for 40-year-old Nkosi ever since her late 20s, however, she has struggled to manage them effectively. With her financial adviser she sold her first property this year and her financial situation has improved. Find out about her expectations for 2019: