ACTOR Thuso Mbedu’s nomination for a prestigious Emmy award shows that opportunities and hard work can put a person on the path to financial success.
Thuso started at the bottom but understood that only her hard work, discipline and persistence would produce wealth but they were qualities everyone needs in all parts of her or his life.
She said that she learnt from an early age how to value and protect what she had.
“Most of the time, we would not know when my next pay-check would be, so I had to be smart with my resources.”
When her mother died, her gogo raised her in a strict house. But today Thuso has bought a house of her own and plans to pay it off in two years.
“My lessons were: ‘nothing beats save-invest-save and running away from unneeded credit. You can save up for those heels if you really want them.”
Thuso’s top tips
Don’t make the ‘my money, my way’ mistake: Learn from other women by talking finances with them.
Budget like you love it: Search your bank statements for fun but silly expenses and draw up a budget that details what you should be spending your money on.
Don’t plan for a man: Don’t depend on a partner to take care of the finances. Take responsibility for your own money. Get educated and understand what you need to know about financial health.
Save, save, save: Set aside your short, medium and long-term savings goals.
“I recently created two savings accounts linked to my core bank account. Each focuses on my short and medium term savings goals.
“I’m currently saving up for an upcoming holiday as well as home improvements for my new house. I’ve set automatic monthly transfers to these accounts that earn 4,8% interest a year.”
Every month, an exact amount of money is sent to the relevant accounts automatically.
“With the few spare rands I have left over, I can buy pizza or something else.
“I hate owing money so I avoid credit. If I can’t afford an item then it’s not for me,” the Is’Thunzi actor said.