Embrace your power to manage your money
In the sixth Episode of Money Talks Eloise Boezak, African Bank Head of Marketing for Consumer Banking, outlined the importance of honesty and discipline when it comes to managing our finances, and part of this is carefully working out our budgets. Boezak was interviewed by Radio Broadcaster Khanya Sosibo and Communications Consultant Doric Sithole, in the sixth Money Talks podcast, a collaboration between African Bank and the Mail & Guardian.
Sosibo highlighted a concerning statistic from the South African Reserve Bank, stating that over 75% of South Africans’ take-home income is spent to service debt. She pointed out that more than 70% of South Africans earn an average of just R5 700 per month, making it challenging to budget effectively, especially for their retirement. However, she also emphasised the resilience and innovation of South Africans, and urged the encouragement of this spirit.
Financial literacy, Boezak asserted, is a powerful tool that can transform lives. Being empowered to learn how to manage your money and feel that you are in control can boost the confidence of women significantly.
Speaking about women in South Africa, especially women of colour, Boezak acknowledged their ability to manage money well to survive, but highlighted their lack of knowledge when it comes to generating wealth. She pointed out that the absence of wealthy role models in the media contributes to this disparity. Boezak used African Bank’s origin story, founded by black entrepreneurs with audacious dreams, as an example of a positive role model that should be celebrated.
The Marketing Head shared the inspiring story of a single mother who started off selling “kotas” (a hollowed out quarter loaf of bread filled with ingredients like chips, polony and atchar) on the streets of Alexandria, and eventually grew her company to multiple brick-and-mortar stores, and now she has six. She emphasised the need for women to have confidence in their capabilities and how important it is for them to share their success stories with each other.
Boezak added that delayed gratification plays a crucial role in financial success, as many people tend to overspend when they come into money. She shared her personal experience and the lessons she learned from her mother, advising others to be mindful of their spending habits.
Embracing opportunities and entrepreneurial gifts, Boezak said, can lead to financial freedom and resilience during tough times. Believing in oneself can bring about positive change and peace of mind.
“We live in Africa, which is a place of community — a good example of this is stokvels. I encourage people to talk about money,” said Boezak. “Talk to your guy friends at the bar, don’t try to do it on your own; empower your girl tribe.”
Regarding budgeting, Sithole asked Boezak how to be more creative with it. Boezak suggested being honest with ourselves and examining our spending habits. Taking time monthly to review and assess our budgets, along with exploring different financial instruments and banking services, can help to optimise our financial planning.
It helps if you put aside time once a month, to sit down with a cup of coffee, and examine your budget, and ask yourself what you need and what you want. There are many amazing instruments out there, such as influencers on social media. Look at what your bank offers you: African Bank, for instance, gives you 6% or more interest on money you leave in your account.
Boezak concluded by emphasising that budgeting is about intent, discipline, and courage. She encouraged listeners to take control of their finances and use money as a tool to empower themselves.
In summary, this episode reminds us of our legacy of limited choices, but also the potential for freedom and responsibility that comes with financial success. Boezak urged young people to use their time wisely and make conscious financial decisions to create a brighter future.
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