The City Press/Absa Money Makeover candidates have received their first incentive prize of the campaign – R5 000 from Absa.
The candidates, in consultation with their Absa personal advisers, have put the money to work in various forms depending on their personal finance goals.
In the below videos the candidates discuss their plans for their prize.
Nono used a portion of the money to repay her credit card debt. This was her final credit card payment, which means that she has finally cleared her card debt – well done! She plans to invest the rest of her prize in financial products which she and her adviser have identified.
Colen, on the other hand, will use some of the prize money to pay the salary of the caretaker who looks after his student accommodation. Owing to the Covid-19 coronavirus, Colen has struggled to collect all the rent due to him. The loss of his average monthly income was further compounded by the fact that his salary was cut owing to the financial pressures on his employer. With the remainder of the prize money, he intends to settle his children’s school fees.
Peter has decided to continue contributing to the family’s resurgent emergency fund. Helen, Peter’s wife, unfortunately cannot not work during the lockdown, which has significantly reduced the family’s collective income. With this incentive prize, the family has been given a lifeline to continue their journey to financial freedom.
Michack, who had ballooning credit card debt, has chosen to repay as much as he can so that the interest on the debt does not affect his personal finance plans. The faster he settles his debt, the faster he can build wealth for his family.
Catherien, in consultation with her husband and adviser, has made the decision to add her incentive prize to her emergency fund. She is chatting with her adviser to see which account will provide the best options for her financial goals, but she is much more at ease regarding her finances despite the challenging times worldwide.
Bellah, whose construction business has taken quite a hit because everything ground to a halt during the lockdown, has split her incentive prize into three amounts. She will use some of it to support her two startup businesses – to buy wool for the coat hanger covers she is making with her daughters and spices for her biltong side hustle. She also used some of the money to buy groceries for her family and the rest went to paying her rates and taxes.