Mdhluli’s top tips for financial savvy
At last week's Youth Day conference organised by the South African Council of Business Women and its various business partners, guest speaker Marcus Mdhluli parted with some of his financial wisdom.
MBOMBELA – “We are in recession and there are tough times ahead of you. If you used to get a takeaway every Friday, start to get it only once a month. It doesn’t matter how little you save, save it!”
These are the words of Liberty’s Marcus Mdhluli, who gave conference attendees four essential rules to follow when it comes to money:
- Pay your bills on time.
Mdhluli says if you do not, it is the first sign of you being a dishonest and unreliable person. It will also affect your credit rating.
- Create a budget.
“All humans know how to spend money but few know how to retain money,” Mdhluli explains.
He recommends trying the 50/30/20 method of spending 50 per cent on the things you need and cannot live without, 30 per cent on your “wants” and save 20 per cent.
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3. Submit your tax return.
SARS is your biggest friend and your biggest enemy. If you do not comply, you can make big trouble for yourself.
4. Start saving.
Do not postpone starting to save your money and make sure you save for the things you love most. Mdhluli says one mistake people make is to put saving as the last priority in the 50/30/20 method.
“Take the 20 per cent first and save it,” he says.
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*Read more about the Youth Day conference on June 14 and check out all the photos in Friday’s edition of Lowvelder.
