MY FINANCIAL life
MY NAME AND AGE ARE
Busi Manunga (25).
I WORK IN…
the media industry as a beauty assistant. I’ve been in this sector for the past two years.
HOW I’D DESCRIBE MYSELF…
I’M THE QUINTESSENTIAL HIGH-SPIRITED MILLENNIAL WHO’S ALWAYS WANTING TO DO MORE IN BOTH MY PROFESSIONAL AND PERSONAL LIVES, WHILE ALSO ENJOYING AS MUCH of my youth as possible.
MY BIGGEST EXPENSES EVERY MONTH ARE…
MY CAR AND PHONE BILL. I’M FORTUNATE ENOUGH TO STILL LIVE WITH MY PARENTS, SO I GET TO SAVE A LARGE PART OF MY INCOME.
IF I COULD CHANGE ONE SPENDING HABIT, I’D…
DEfiNITELY TRY TO STICK TO MY ENTERTAINMENT BUDGET. I SEEM TO GO OVERBOARD with this one every month!
ON A SCALE OF 1- 10, SAVING MONEY IS…
AN 8. SAVING IS IMPERATIVE. I’M PLANNING TO MOVE OUT SOON AND A LOT OF SAVING HAS GONE INTO THAT. I HAVE TO THINK OF FURNITURE AND THE FACT THAT I’LL BE BUYING MY OWN GROCERIES, OVER AND ABOVE THE EXPENSES OF RENT, ELECTRICITY AND WATER.
#REALLIFEADVICE Liberty’s financial adviser, Odetta Bodibe, offers Busi practical financial advice so that she can achieve her goals and still save money :
Sticking to a strict monthly budget will help Busi be more disciplined WITH HER MONEY. IT WILL ALSO HELP HER UNDERSTAND THE DIffERENCE between her wants and needs.
BUSI COULD CHOOSE TO INCREASE HER MONTHLY INSTALMENT TO PAY IT Off SOONER, AS A CAR IS A DEPRECIATING ASSET. SINCE SHE’S STILL LIVING AT HOME, SHE CAN ALSO START SAVING TOWARDS BUYING HER OWN PROPERTY. HOWEVER, ONCE SHE MOVES OUT OF HER PARENTS’ HOME, SHE’LL NEED TO REVIEW HER MONTHLY EXPENDITURE AND CUT BACK ON A FEW THINGS (INCLUDING THAT entertainment budget!).
Busi should also look into investing for retirement. The earlier one STARTS, THE BETTER. SHE SHOULD SPEAK TO A fiNANCIAL ADVISER OR BROKER WHO CAN HELP HER INVEST FOR MAXIMUM SUCCESS.