MATHAPELO Tlale is a 29-year-old woman who said moneywise, things are not looking good for her and her boy.
She is raising a five-year-old son as a single mother.
“It is really bad and getting worse for me, I try but feel like I’m losing,” she said.
What stresses her the most is that she has not started saving for her son’s education.
“I feel like my salary is not enough, I buy groceries, pay for our transports and that is all, I have to wait to buy new clothes for both of us, it is really becoming impossible,” she said.
Tlale is not the only one. Digital bank TymeBank recently found that Mzansi’s women are struggling to make ends meet, with 81% of them running out of money before the end of the month (vs 72% of males).
This despite the fact that they are also more likely to draw up and stick to a budget, especially if they are 25 to 45 years old.
“The financial reality for most women is that their money doesn’t last till month end, 59% of them run out by the 15th,” says TymeBank’s CEO, Tauriq Keraan.
Keeran said the reality is that women have more mouths to feed than just their own – they often take care of children and of other family members.
Compounding this issue is the fact that many mothers are single, with the issue of absent fathers on the rise.
To help relieve this dependency on debt and regain control of their finances, Keraan suggests that women think about clever ways to cut back on their monthly expenditure, especially when it comes to the ‘big three’ financial priorities: housing, groceries and transport.
“The study revealed that the lion’s share of our money goes towards these three areas (41% pay for their housing first, followed by 24% for groceries and 10% for transport), so finding ways to reduce costs in these areas can make a significant difference.
“This said, we also must consider looking at cutting back on bank fees for instance. This can save a pretty penny,” said Keraan.