Celebs share the money lessons they’ve learnt

Celebs and financial experts share handy tips that can help you too

MANY of us have learnt lessons about money – sometimes the hard way – that helped us budget more carefully or get onto a better financial footing. We asked some celebs and two financial experts to share the lessons they’ve learnt and the best advice they’ve received.

MAPS MAPONYANE, TV PRESENTER

Growing up, my parents made a lot of financial sacrifices and I realised early on how important it is to plan your finances. I made a choice to be really good with saving and I took out my first investment when I was just 20 years old. I’d rather skip spending money and save. For instance, every year I increase my savings and then I try to live the rest of the month on only half of what I’ve earned. You have to make sacrifices, but you reap the rewards.

Also, I only buy things I can afford. I had my first car for 10 years and only bought a new one when I could afford it. During those 10 years many of my friends got new cars, but it’s very important to live within your means.

Lastly, I only spend money that’s in my account. Don’t spend money that doesn’t exist, for example because you expect a promotion. If that promotion doesn’t happen, you’re stuck with debt.

ROXY BURGER, TV PRESENTER

Some of the best advice I ever got was from a friend who worked in the car-finance industry. She told me never to have a massive balloon payment. If you need a balloon payment at the end of the finance period, it really means you can’t afford the car. And if you can’t afford the car, you shouldn’t buy it. A car is a depreciating asset, so it loses value over time and isn’t worth investing your money in.

SHASHI NAIDOO, ENTREPRENEUR

My mom is the most businesssavvy person I’ve ever met. And all the advice she’s given me over the years has shaped me into the entrepreneur I am today. These are some of the tips she’s given me: S Saving is critical! It takes money to make money, so if you want to invest in property or start a business, you’re going to need capital. S A great savings tip is to track all of your expenses. I used to write down anything I spent over R30. It seems tedious but it’s a great way to cut out mindless spending and helps you review your spending patterns. S Have the equivalent of six months of your gross salary saved away for a rainy day. It seems like a lot but when you really need it, you’ll be so grateful you did it. For example, during the pandemic, my aesthetic laser clinic was shut for five months – but because I had savings, I was able to pay my entire staff their salaries every month. It was a blessing to be able to do that.

JAWAAHIER PETERSEN, ACTRESS The best money advice I ever got was to save a portion of whatever money I received for a rainy day. So if it was R100 pocket money, I saved R10 weekly. I saved R300 from my first pay cheque, and nowadays I have a debit order for a certain amount that goes into an investment every month. This amount will vary for everyone, but even saving R50 every month will give you a “surprise” R600 come December.

LEARN MORE

▶ The National Credit Regulator: ncr.org.za or 0860-627-627

▶ Financial Planning Institute: www.fpi.co.za

▶ Financial Intermediaries Association of Southern Africa: fia.org.za