pharmacist Tumelo managed to close one of her clothing accounts, which was a big psychological boost. She plans to continue to cut her expenses so that she can reduce her credit card debt.
“I am not looking forward to repaying my credit card in huge instalments, but it has to be done,” says Tumelo. She adds, however, that she is excited about starting an emergency fund by using her savings account.
“Tumelo has a very good understanding of her finances as well as what she needs to do to improve them, but she is struggling to find the discipline to follow through and rein in the spending,” says Momentum financial adviser Mduduzi Mpusula, who plans to help Tumelo form a picture in her mind of what financial freedom really means to her.