Who should bud­get

Sunday Observer - - NEWS -

Low in­come earn­ers are mostly af­fected by fail­ure to bud­get and are there­fore likely to re­main in cycli­cal debt. Mi­cro Fi­nance Unit Re­search and In­for­ma­tion Of­fi­cer Phumzile Nh­lekoMtetwa said ev­ery­one should bud­get in or­der to al­lo­cate their money ac­cord­ingly, both young and old. “Once you have any form of in­come, you should know how to bud­get.”

She called for par­ents to en­able their chil­dren to break the cy­cle of poverty by teach­ing them how to bud­get and thus save a por­tion of what­ever amount they re­ceive.

“If chil­dren are taught to save a por­tion of the lit­tle money they get and then get to use the money rea­son­ably later on, they will be en­cour­aged to

al­ways save, even later on in life,” Nh­lekoMtetwa said, adding how this can be fur­ther en­cour­aged by par­ents dou­bling their sav­ings through match­ing the amounts later when the money is tal­lied.“Busi­ness peo­ple can claim they do not have any­thing to save, but this is not true be­cause if they could quan-

tify their earn­ings af­ter a pe­riod of three months against their ex­penses, they could find that there could be money to spend.” Adding, she said it called for dis­ci­pline where a busi­ness owner would earn a set salary and then save what­ever was left over profit in­stead of con­sum­ing it.

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