Private banker and professional speaker Samke Mhlongo-Ngwenya lends her voice and wisdom on how to have the perfect financial festive season.
Samke (Sam) Ngwenya is the quintessential millennial and does things her way. She cannot be boxed under one description, which is why she goes by three: Banker, Fairminist and Frugal Kugel.
Sam is your most unconventional employee as she has three formal income streams, your most difficult customer as she has access to your global competitors, and your most unpredictable life-partner as she does not subscribe to traditional role descriptions.
She’s also got some advise on how to have the perfect financial festive season… and we all think you should listen!
Hello darlings! We are clearly well into the festive season. Joburg traffic has eased, Facebook timelines are littered with people checking into airline lounges (totes jealous!), and the family whatsapp group (mine’s on mute) is permanently flooded with messages about the upcoming Christmas and/or New Year’s Eve gathering.
It’s easy to get lost in all the hype and fanfare and spend more than what you had budgeted to (the banker in me is being optimistic and assuming there was a budget to begin with – allow!).
“You usually get paid on the 21st, 25th, 30th but because you got paid early this month you’re feeling like a #moreki? Take that money, transfer it to a savings pocket, and “pay yourself” on your normal payday. If you can’t survive on last month’s salary until your normal payday, you’re already in line to get into debt before your January paycheck.”
But on a serious note, every year I see too many people needing additional credit to tide them over until January payday. The problem is that very few people manage to settle that additional credit in full, thus creating or adding to the debt spiral.
No one plans to begin the new year on the financial back foot. As such, I would like to challenge you to give yourself and your loved ones the gift of financial freedom this festive season.
How?
By resisting the urge to buy into the usual festive season trappings at the expense of your financial wellbeing.
How much better would it be to keep the festivities simple and instead use the money that you would have ordinarily spent to settle some of that niggly debt like your credit card, personal loan, or overdraft?
It’s hard I know, but easier when you remember what’s important. Laughter with loved ones, time spent creating memories with our children, and moments of appreciation with our parents and the elderly.
This is what the holiday season is about.
I posted on Facebook last week that the best gift any of my family members can give me is their financial freedom. I would rather not receive a gift than one that will later be a financial burden.
“As you prepare for Christmas and the new year I challenge you to choose a simple meal with loved ones and kind words to each other, over super-sized Christmas dishes and gifts that will be obsolete by the following Christmas.”
“Choose one debt to pay off and give yourself peace of mind over the next pair of shoes that will “show them”.”
“Choose kindness and integrity as a measure of your status in society over an expensive car. Choose a new experience with loved ones over an unaffordable overseas trip.”
“I challenge you to choose what matters to you over that which society has convinced us should matter. Choose freedom from the trappings of today’s consumerist culture.”
“Choose peace of mind, choose freedom of choice, choose freedom from debt, choose the ability to create and hold wealth.”
“Choose YOU.”
Why not adopt the same philosophy this Christmas and in so doing, give your loved ones the gift of a lifetime.
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