IT SEEMS some women have achieved financial success almost as if by magic.
So we asked some female actuaries, all in leadership positions, to share one tip that they feel would improve other women’s finances.
It came as no surprise that none of them pointed at spreadsheets and fancy calculations, but spoke about the basics.
Professor Roseanne Murphy Harris, president of the Actuarial Society of South Africa, said that while Mzansi women show immense courage and leadership in many difficult situations daily, many still preferred to leave financial decisions to their male partners.
“If women can fight for political liberation, then surely they can also achieve financial liberation,” she said.
Fairytale endings are not guaranteed
Harris said life taught her that the fairytale “happily ever after” ending is not guaranteed in real life.
Figures released by Statistics South Africa in July this year show that about 45% of marriages hit divorce before their 10th anniversary.
She said death was another reason many women suddenly found themselves alone and having to rely on their own financial savvy.
She advised women to insist on having their own bank account and assets in their name.
“While sharing ownership of everything is often seen as a token of love and trust at the beginning of a partnership, getting out of it all becomes very messy after a death or divorce.”
Involve your children in your finances
Kenosi Magosha is the head of client solutions for recurring savings at Sanlam Personal Finance and a council member of the actuarial society.
She said mothers should include kids in budgeting and family financial goals.
“Take the opportunity to teach new habits to your children and reinforce financially smart behaviour. The habits they learn today can help you, as a mum, keep to your budget and achieve goals.”
Learn to be penny wise
Philippa Wild, head of Discovery’s Vitalitydrive, said you’d be amazed by how much money you can save simply by working on unavoidable expenses. These include bank account fees, cellphone and data charges and transport costs.
“My mum told me to look after the pennies and the pounds will look after themselves. By saving R10 here and R50 there, you’d be surprised by how much and how quickly you can grow your wealth.”
Make sure you leave a legacy
Karabo Morule, managing director of Old Mutual Personal Finance, said your last will and testament was one of the most important documents you had to sign in your lifetime. “It is so important for women to take responsibility and ownership of their own financial plans,” she said.
