South African television host, actress, singer and radio personality, Khanyi Mbau, has taken time out of her busy schedule to share her financial advice to live better with Capitec Bank.
What is your top financial goal for 2018?
I never make resolutions. Why? Because I hardly ever keep them, but this year is different. I’m determined to manage my finances better. My first step, which I’ve already taken, is switching to Capitec!
I’ve realised that having money in the bank is the first way to save, but where you keep your money is the trick. With Capitec, I get a better deal than at other banks. It’s much more affordable!
I’m also focused on getting my production company off the ground to make sure I have, strong source of income and safeguard my future.
What is your main tip for staying focused on your goals?
You should always be cognisant of your bigger goal no matter what. Sometimes we fail to set lasting goals and stick to it or them because we get distracted when other things come up. You need to set your story, as the trend and everything else should fall in around it. It also helps creating a vision board. I visualise my goals and try live within my means.
Tell us about your journey with money
Well, you all know that my journey with money has been an interesting one. I’ve had a lot, and at times I’ve had little. My journey began with my father. He owned a taxi company, so he always had lots of money on him. I don’t think he knew how to raise me properly so he compensated by giving me lots of money. I was straight-up ballin at school! He would often dump his day’s earnings in front of me and tell me to count it. He told me to make myself comfortable around money.
Because I’m comfortable around money, it likes me. It will always find me and it likes to visit. My problem is that I’m still learning to treat it properly!
What is the best financial advice you’ve ever received?
Pay yourself first! It’s in a book, “The Richest Man in Babylon” by George Samual Clason! Each month before you pay your bills put some money aside in a savings account for yourself. Don’t touch this money, unless you are using it for a project that generates wealth!
What is the worst financial decision you have ever made and what did you learn from it?
I’ve fallen in public and regained my strength many times but the worst financial decision I’ve made is thinking that money is a basic right, when money is actually an achievement. You get what you put in!
What would be your advice to young women who want to live independently?
It’s important for women to be financially independent. Gone are the days where a woman’s beauty will carry her for a very long time and create a sort of maintenance plan. You can’t make it on social media because of the hair you have, and the nails, the car you drive, etc.
We need to ask ourselves, “How am I equipping myself to be financially savvy? Does the way I live make financial sense?”
Source: Capitec Bank