Emmy-nominated actress Thuso Mbedu is just one of the shining examples to hold up for Women’s Month. She has successfully achieved financial independence, against some tough odds.
Coming from an underprivileged background, she quickly learned that one’s financial health is all about hard work, discipline and persistence, which are also very helpful attributes in her profession.
“I grew up with not as much as my peers, so from an early age I learned how to value and protect whatever I had, because at times we would not know when the next pay-check would be, I had to be smarter with my resources,” she says.
At age four, Thuso lost her mother, and her grandmother raised her under straitened circumstances. This gave her the resilience and fire to find success within a notoriously fickle industry and to star in multiple TV series by the age of 27. This year she purchased her first home with her sister and plans to pay it off within two years.
“My advice to other women is, Save. Invest. Save. Run away from unnecessary debt,” says Thuso. “You can save up for those heels if you really want them.”
She offers the following tips to women seeking financial independence
- Don’t make ‘money talk’ taboo: Learn from other women by talking finances with friends and family.
- Budget: Look through your bank statements, track your expenditure using your bank’s app, and draw up a budget to cut back where you can.
- A man is not a plan: Don’t depend on a partner to take care of the finances. Take money matters into your own hands and educate yourself to boost your financial understanding and wellness.
- Save, save, save: Establish your short-, medium- and long-term savings goals.
“I recently created two savings accounts linked to my Capitec Global One account, each focused on my short and medium term savings goals. I’m currently saving up for an upcoming UK holiday as well as home improvements for my new house, I’ve set automatic monthly transfers to these earning from 4.8% interest in each plan.
On her relationship with money
“I don't really have a relationship with money. By the time it comes in, it goes exactly to where it has been allocated from monthly expenses, savings and investments, then I'll spare a cent or two for a pizza or something. I hate owing people anything so I avoid those situations at all costs. If I can't afford it at the time then it's not for me at that time.”