“Short-term debt paid off and credit score improved”
Vonne shares the milestones achieved in the
six-month Absa/City Press Money Makeover competition
Six months ago my finances were spiraling
out of control. I had a personal loan owing more than R6000, a credit card that
I owed another R10 000 and clothing accounts in excess of R3000. I had just
become a father to a beautiful baby girl and there were everyday living
expenses to meet as well as the mortgage on the flat I had bought just over a
year ago. And of course, there was my car that I love so much. I was finding it
difficult to honour my debts.
I always thought that having a financial
adviser was for rich people or people with lots of money. When I saw the Absa/City
Press Money Makeover competition in the City Press newspaper I had a feeling
that they had me and my financial woes in mind and it felt right. And the fact
that for the duration of the competition you get your own personal adviser – I
was sold. I saw this as an opportunity to get the help I needed.
Through the help of my financial adviser
Maria Mogomotsi I managed to structure my vehicle finance so that it eases and
lowers my monthly payment. I paid off the personal loan, credit card and
clothing account and closed them. I opened an emergency savings account as well
as increasing my child’s education savings. I am sticking to my budget and have
a little bit of money to spare at the end of the month. For me this is a big
achievement in just six months.
The journey has been tough, learning about
the importance of a proper budget planning and actually sticking to it hasn’t
been easy. I learned that every cent counts, the importance of saving, when to
save, how to save, where to save and also when and how to spend to make the
most of my money.
I feel like I’m on the right path to
financial freedom as I am comfortable managing my finances without any worry or
Being chosen to be one of the contestants
in the Absa/City Press Money Makeover competition was exactly what I asked for.
I learned a lot from other contestants and their financial journey. My financial adviser has been brilliant, passionate, patient
and very open and helpful.