“R68 000 in credit card debt paid off and taking care of my kids' education”
Buti shares the milestones achieved in the six-month Absa/City Press Money Makeover Competition:
During my participation in the Absa/City Press Money Makeover competition I have learnt and achieved the following:
To separate the needs from the wants when spending money, thereby spending money correctly and creating liquidity for future financial needs.
To prioritise expenditure in line with existing debts, thereby being able to pay off debts systematically - this made it possible for me to pay off both of my credit cards. All thanks to the lessons and advice from my Absa adviser Matt Rudman.
To create liquidity for times when cash will be needed. Through my Absa savings account I was able to put money aside every month for high financial demands for my kids’ education in January.
To create a financial plan to reduce the payment duration and interest rates of long term debts (house bond ), by paying a little more on the repayments.
The financial plan that was created by my financial adviser, in terms of short term, medium term and long term financial goals, will assist me to stay out of unnecessary spending so as to live a debt-free life and to plan well for my retirement. My goal to is to be able to live financially well far beyond 60 years.
I was also able to create a Will for my estate which will be managed by Absa, something I never considered as important.
I was a reckless spender, the action which plunged me in to dire financial crisis where I ended up creating a circle of debts- using debts to pay off debts. Through the Money Makeover program I was able to identify this weakness and address it.
The Absa/City Press Money Makeover journey was a journey worth taking and am very happy that I was chosen as one of the contestants. Many of my friends who read my story have also indicated that they have learned from this journey.