Spend wiser during the festive

2017-12-07 06:01
Babalwa Kwesaba founder of Basik Financial Solutions.

Babalwa Kwesaba founder of Basik Financial Solutions.

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Certified Financial Planner Babalwa Kwesaba has warned people to plan their finances as the Christmas is around the corner.

“People continue to fall in the same pit of January disease and never learn from their past mistakes. Take the past mistakes to your advantage and plan your finances well,” she said. She added that people plan after spending some money.

“When they start spending you realised that they had not identified between a need and a want, and mostly people start with their wants especially during festive season. If you start with the wants it means you will be so compromised come end of the month you won’t have enough to pay for your needs. That’s where the problem starts, when you don’t have money for your needs such as transport money to go to work,” she said.

Babalwa said failure to plan is a recipe for disaster as it will lead people to get into debt. “The most important thing is to have a spending plan, there isn’t any other way,” she said. Babalwa founder of Basik Financial Solutions that is based in Century City said she started the company after she realised that a lot of black people lack financial literacy.

She told Sunteam that she once worked for the Allan Gray but would hardly see black people coming to learn or consult on financial solutions. “I then decided to start a company and try to help black community on planning their money,” she said. Babalwa said the problem she had noted is that when black people come for financial solutions it will be late. “I encounter several pensioners coming for financial solutions; it would have been good if a person comes earlier and get assistance on how to plan their retirement exit plans and other important things,” she said.

Next year Babalwa will go on outreaches in Townships, churches and other areas to educate black people on financial literacy. On Christmas spending she retorted: “Once you get a bonus another bonus will come after 12 months so reality will hit come January. Also for January it’s very wise to list all the things that you really need such as school uniforms for your kids, take that money and put it aside, very far away from your bank account so that when it comes to January you don’t regret,” she said.

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