Lessons from the masters

Savvy seniors share their wisdom about budgeting, setting goals and saving

CHANCES are, you’ve learnt a whole lot about money from your nan/ gran/ouma/gogo and grandpa/oupa/ umkhulu. These savvy seniors are frequently frugal superstars prone to starting sentences with “back in my day”. They tend to share wisdom at every opportunity, but we don’t always listen like we should.

While times may have changed, the core values remain the same. In fact, not much advice beats money lessons from the masters.

Kenosi Magosha, the head of Client Solutions Saving at Sanlam, says she got many of her money lessons from her mom, who still shares some tips now and again.

“There’s so much wisdom that sits with our elders on everyday money habits. They’ve lived full and fascinating lives and have a wealth of insight to share. The principles of being careful with money, spending wisely, setting goals and saving smartly transcend time and the generational divide. Sharing these stories brings us together. There’s lots we can learn from loved ones to empower us, also in the conversations we have with our financial planners.

“Saving for a home, a child’s education and/or financial independence are all big goals. Listening to pearls of wisdom from experienced loved ones who have managed these things is reassuring and can help lay the foundation for the good financial behaviour that’ll help you achieve them too. It’s also always a good idea to chat with a financial adviser to build a strong, attainable savings plan.”

Read below what a few of our local money masters have to say.