Serious money addressed on a funny note

MBOMBELA – Financial literacy, or the lack thereof, is a serious topic when South Africans from all walks of life are facing tough economic times. Investment, savings, insurance, and banking group, Old Mutual introduced a novel way of addressing money woes in a comedy show at Communio Church last Friday.

#FoneyMoney was hosted by comedian Tumelo Enoch Matila, also known as Stopnonsons. The funny man jokingly referred to himself as billionaire Patrice Motsepe’s long-lost son before launching into the serious business of managing money more effectively.

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His tongue-in-cheek approach to the serious subject matter had the audience in stitches as he touched on spending quirks South Africans have become renowned for. Before the start of the proceedings, Old Mutual’s head of financial education, John Manyike, took to the stage and spoke about the importance of personal finance management.

“Most people have a long-distance relationship with their money. It comes around once a month and disappears until
the next month,” he cautioned.

Handing the proceedings over to Stopnonsons, he added that scare tactics seldom worked, but that one needed to take a long hard look at personal finance to avoid being in a bleak financial position.

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Mrs Mpumalanga finalist, Affie Botes dispensed some sound financial advice of her own.

“Before making any rash purchases, I always ask myself, ‘Will it mean anything to me within a year from now?’ before
splurging on items I may not necessarily need,” she said.

Stopnonsons unpacked the five secrets to money management based on the Big Five
through his humorous, anecdotal style. The secret of the lion is to “eat first” and is achieved by understanding the need to save.

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Arrange an automatic deduction from your salary and commit to an automatic, fixed savings plan by altering your spending patterns. Over time, this habit will become easier and the amount saved will grow.

Secondly, the secret of the leopard stresses specificity. Too many times our saving goals are vague. Being specific will allow your goals to become a reality.

The elephant relies on knowledge, as we all should. Knowing where your money is going each month means you exercise greater control over your finances.

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The rhino is known for its ability to charge when threatened. Facing your debt squarely and quickly will lift you out of the debt trap.

Lastly, the buffalo’s secret is to exercise patience, especially where long-term investments are concerned. Leaving
investments is important to ensure steady growth over the longer term.