Will you become Money Savvy this year?

Everyone’s life is different, but many have still been impacted in similar ways because of the impact of COVID-19. 2020 was a mean teacher but the lessons were clear. In some way or another, you and your family have probably been impacted by a job loss or reduction in income. 2021 is promising a bit of the same and the potential for more job losses, pay cuts and reduction in income is prominent. I join you is shouting “this sucks!”

However, you do not have to let this situation define you. This is an opportunity to learn A LOT and as we know learning life lessons are not always pretty or easy. It is also an opportunity to become money savvy and build a financial life that is more secure for you and your loved ones. One that leaves you breathing a sigh of relief and feeling more secure and certain for the future instead of feeling run down, stressed out or worrisome.

This is not an easy task but definitely one worth undertaking. Experts warn that we will face more disruptions in the future and now it is up to us to build our shelter to withstand any upcoming storms.

No matter where you are in your life right now things can and will change. The great news is that you have a choice. You can choose whether that change will be beneficial or detrimental. To make it beneficial start taking deliberate steps to change your life for the better and what better place to start than with your finances.

2021 is the perfect opportunity for you and your children to become Money Savvy. Learn about how money works, how to grow your income, how to save and invest to get your money working for you and how to feel empowered when it comes to money. Imagine if you were in a position where if you lost your income today you could still live comfortably for the next 6-12 months and knew you had other income streams to supplement any losses? Now that would leave you feeling more certain, less fearful and more hopeful.

We challenge you to come on a journey with us and become money savvy this year. AT MoneySavvyKids, MoneySavvyTeens and MonseySavvyGeneration we are focused on empowering South Africans to get out of poverty and build financial freedom for themselves. This is not some ideal dream but something that is achievable. With the right education and proven steps, you too can build your financial dreams.

What does it mean to be Money Savvy?

Finances are personal and being Money Savvy might look a bit different to you but let’s you give our general view. As a Money Savvy person, you can see money as a resource, or a tool and you are able to use it effectively for achieving what you want. Having a Money Savvy mindset means that you know how to make money and grow it, how to manage it and get it working for you. But most importantly, is that with this mindset you take the best action that gets you the financial results you want. You are growing your income, you are saving and investing, and you can see (and feel) the numbers changing for the better.

Where do you start?

Start by learning as much as you can about finances and then, most importantly, take action on this knowledge. We all know what we should do, for example, build an emergency fund with 3-6 months’ worth of expense, but how many of us do it? You have to get serious about your finances and buy back your freedom. Taking time today to take control of your finances will empower you and leave you feeling more secure and happy in the future.

Money can’t buy happiness, but it can give you peace of mind, freedom to choose and opportunity to create more in your life. What are you waiting for?

Sign up for our #MoneySavvyMindset2021 challenge where each month you will receive information and tools you can use to create the financial future you desire. Whether you have lost your job or are just starting out in the workplace or you are looking to grow your wealth and retire sooner this challenge will help you. Remember to get the whole family involved and empower your children to become money savvy too.

candice@moneysavvykids.co.za
www.moneysavvykids.co.za
www.moneysavvygeneration.co.za

Why are we in such debt?

The internet loves making lists of things, from top 10 beaches you have to see, to the top 10 restaurants in your area. So it’s no surprise that there’s a list of the top 10 reasons why people fall into debt. Some are fairly obvious, some are a little more excusable and one is absolutely ridiculous.

Bankrate.com’s list of the top 10 leading reasons for debt starts off with reduced income/savings. That stands to reason. Next up is divorce, followed by an important one, namely poor money management. The list goes on through unemployment, gambling, medical expenses, saving too little, no money-communication skills, banking on a windfall and finally, yes – FINALLY – financial literacy.

It’s no wonder that as South Africans, 70% of adults are in debt when ‘financial literacy’ comes in at number 10. It begs the question, if financial literacy was at the top of the list, would there be a list at all? There are glaring inadequacies in the education system, from junior school right the way through to tertiary education that does not include any sort of formal financial literacy.

The lynch pin of education is that, when done correctly, can eradicate an abundance of unnecessary shortfalls when education is lacking.

There is no use in trying to solve our financial problems if we don’t understand finances in the first place. Our lack of financial literacy in this country breeds a society that is constantly playing catch up with their finances and, worse still, putting out fires constantly.

Until we see a shift in paradigm that sees financial literacy (or lack thereof) as the number one cause for debt and financial instability, we’ll spend our lives reading about the top 10 beaches to visit, as opposed to going to see them for ourselves as a result of our financial instability.

Ask us about our tailored programmes kathryn@moneysavvykids.co.za

Creating Money Savvy Kids for the future

Did you know that 70% of income earning South African’s are in debt? And with the arrival of the Corona virus and downfall of our economy, what then about the financial freedom of our children?

Poor financial decisions can have a long-lasting impact on individuals, their families and society. The causes of the recent financial crisis are complex, but the lack of financial literacy is certainly one of the aggravating factors leading to ill-informed decisions on home loans and credit purchases. Low levels of financial literacy have also been associated with a lower standard of living, decreased psychological and physical well-being and greater reliance on government support.

Financial education can make a difference, says Kathryn Main, Managing Director of Money Savvy Kids. “It can empower and equip young people with the knowledge, skills and confidence to take charge of their lives and build a more secure future for themselves and their families. Supporting financial education can be viewed by the main public, private and civil stakeholders as a critical long-term investment in human capital.”

While the majority of people do not ever rise to a point of complete financial freedom in their lifetimes, some manage to break the mould. Once they reach financial comfort, the aim is to keep the money they have made, and hopefully make it work for them so that it can be of use to future generations. This can only be done by harnessing financial intelligence.

MSK is revolutionising the way financial knowledge is disseminated to younger generations of South Africans. It is questioning the traditional schooling system, which currently produces more followers than leaders. It instills within children – from a very young age – the problem-solving and critical thinking skills they need to make financial decisions now and in the future, using the analytical skills they learn through the program.

“Financial literacy is a cornerstone of prosperity and security. It builds confidence and knowledge in the lives of individuals and the country as a whole. We cannot address the issues of financial inclusion and equitable and sustainable socio-economic development without addressing financial literacy,” adds Main.

About Money Savvy Kids

Born out of the need to teach our kids that money is something to be understood and respected, Money Savvy Kids (MSK) is the beginning of the end of financial mismanagement and misunderstanding. By combining financial education courses for kids through external school curriculum programs as well as financial education courses online, MSK makes learning easy through fun ways to teach kids money matters.

 For more information on Money Savvy Kids visit http://moneysavvykids.co.za/

Empower your kids with financial literacy

The world has been thrown off its centre due to Covid-19 and the implications thereof. Our country is in a state of emergency and lockdown has resulted in jobs being lost, salaries being cut, personal finances being destroyed and an economy that is damaged. However, despite these circumstances we still have to find a way to manage our finances, take care of our families and ourselves and move forward.

Looking back to January this year, what do you wish you had done differently? For many people it comes down to finances. They wish they had saved more, built an emergency fund or possibly invested in a mask or hand sanitizer manufacturing company. I guess that is how we will always feel as human beings. We will always look back and wish we had known better and done better. Or could we do things differently?

What if you could give your children this advantage? What if you could teach them how to manage their personal finances better so that they do know better and do better?

Our personal financial situations and how we deal with this pandemic are all life lessons we are teaching our kids even if we are not communicating it to them verbally. Now is the best time to start talking to your kids about money and to start helping them become financially literate.

Candice Preston, a Money Savvy Kids licensee, knows the value of being financially literate from a young age. Her mother taught her to save and invest and she found herself able to survive during lockdown because she had built her emergency fund and had cash available to capitalise on opportunities that came her way. / As a mother to 3 sons Kathryn Main CEO of the Money Savvy Brands knows how important it is to equip todays kids and teens with valuable financial literacy education to ensure they are financially successful adults.

So where can you start to help prepare your children for an uncertain future and give them every chance to achieve success?

Firstly, start by talking to your kids about money, openly and honestly, and show them what is happening to your finances and expenses in this current situation. My Mom and I had frequent candid conversations about money. She shared the mistakes she had made and her regrets about not saving enough. Her honestly never made me see her in a bad light but rather made me respect her more. She is human and I admired her for her honestly and her eagerness to teach me to do better.

Don’t be afraid to speak with you kids. Remember that experience combined with knowledge is the best way to equip your kids to face an uncertain future with more confidence. Teach your kids about fixed and variable expenses and talk to them about options for cutting variable expenses. Challenge them to find creative ways to save money like saving R1000 on your food budget.

It is good to talk about the family values and how they influence behaviour. Our family values will dictate how we utilise our money so work together as a family and set some goals that everyone can work towards achieving.
It is important to remind children that majority of wealthy people became that way through hard work, saving and investing. Only a small amount of people become wealthy by being Youtube sensations. When children can see that it is achieve bale, even if it doesn’t look glamourous, it enables them to work towards achieving it.

Start today by teaching your kids good financial habits that will help them reach their financial goals. These include creating a side hustle, managing income, saving (a minimum of 15% of everything earned) and investing money to have it work for them. Take them into the bank and open a bank account for them with a saving pocket and set up an automatic transfer to save that money. Teaching them to “Pay themselves first” is one of the most valuable lessons you can give them. Use online sites like www.easyequities.co.za to teach them how to invest and save that money into a tax-free savings account.

Ask your kids to come up with solutions to solve real problems you and people you know are facing right now. You are helping teach your children how to think and give them the space to think their ideas through. You can guide them and facilitate them in their thinking process but allow them to work through ideas.

You can make a big difference in your children’s lives and empower them to know better going forward no matter what happens in our world. I thank my Mom every day for teaching me about finances from young and I am now living proof that by knowing better I was able to do better and this has resulted in me living better today. This could be the best gift you give your kids.

5 Tips to Financially Survive Corona

We all know that life during COVID 19 is filled with countless unavoidable worries of the financial kind. Some may feel it more than others, but we all feel it non-the-less. We are losing our jobs, taking salary cuts and closing our once thriving business. Basically, we go into level 1 of survival mode when it comes to our finances due to the crunch we feel. Here are 5 tips to get you to the next level of survival mode.

  1. Know your credit rating
    Your credit rating is like a meal ticket. If it’s good it will get you the best 3-course meal money can buy but if it’s bad, you can only get a single meal a day that is less than satisfactory. Your credit rating is information that lenders use when deciding if they want you as a customer. The higher your rating, the better your chances are at getting the financial assistance you need for all the important things in life. If you do not know what your credit rating is, there is no time like right now to get the information. By seeing your rating, you can see where you stand and recover if your rating is below par.
    Find out what your credit rating is for free here https://www.clearscore.co.za/
  2. Get your debt under control
    When you are in a hole you need to stop digging. The same applies to your debt. Stop unnecessary spending. I did an interesting exercise recently and took 3 months’ worth of bank statements and highlighted my spending pattern. On average I was spending between R4000 – R6000 a month on frivolous spending with nothing to show for it. Eating out, buying snacks from the petrol station, impulse purchases and retail outlets, overspending on my food budget etc. Take a high lighter and look at your spending. See how you can cut back on those unnecessary card swipes every time you go somewhere.
  3. Get on switching
    ‘Switching’ is the eighth wonder of the world, yet people never do it due to their loyalty (and because it takes forever to do). But you can cut down your expenses by hundreds of Rands when you actually stop being loyal to your current providers. A depressing fact is that companies typically give the best deals to new comers. Interestingly, the longer you are with a provider, the higher your premiums are likely to be. So, switch and not only get a cheaper deal, but a better one. Who doesn’t want car insurance, entertainment, or homeowner insurance for less? Review your insurance providers, cell phone providers, bank charges etc.
  4. Start building an emergency fund now!
    The budget may be tight this month but that will change as the year progresses. Building an emergency fund as soon as you can afford it is imperative. Things can and do change in an instant, including your financial state. So, having a financial safety net is the only way you can solve the issue without getting into unexpected debt in 2020. Its never to late or to early to start saving. Even R100 a month to start with. Its never too late or too little to start saving! Save now!
  5. Create a budget
    Money is tight but the family’s needs must be met. Knowing exactly how much is coming in and how much is going out is the best start to reduce your financial woes. All you need to do is get all your financial records together and see where you can cut back without affecting the family’s necessities “basket.” And remember to add “savings” in your expenses column. This is a great way to get the kids involved and teach them how to save on expenses and budget.

Money Savvy partners with Money Smart Week to teach teens to invest

 Creating Money Savvy Kids

 Financial education from a young age provides a powerful head start in life. Not only the domain of adults, the importance of financial security and the ability to manage one’s finances is something that all children should learn about from an early age.

To this end, National Treasury, the Financial Sector Conduct Authority (FSCA) and the National Consumer Financial Education Committee will be rolling out MoneySmartWeek South Africa (MSWSA) between the 23rd and the 28th March 2020. A national financial literacy campaign, the initiative aims to motivate and empower South Africans – and especially the youth – to become better educated about their finances.

As part of the campaign, an exciting teen saving and investment event will be held on the 24th March 2020 at Higher Ground, St Stithians, Johannesburg. It will be hosted by Kathryn Main, CEO of Money Savvy Brands and EasyEquities, as well as relationship expert and Tedx speaker Paula Quinsee. The three hour long event has a dual objective – to get kids investing, as well as to assist parents with the age-old relationship challenge – that of money, and managing household expenses and financial responsibilities.

Main is an author and award-winning businesswoman with a passion to change the face of education on the African continent through financial literacy education and training. Her Money Savvy workshops aim to infuse children, from a very young age, with the problem-solving and critical thinking skills they need to make financial decisions now and in the future. EasyEquities will also be on hand to assist with live investment demonstrations. As a subsidiary of JSE listed Purple Group Limited (PPE), the unique platform allows anyone to buy shares in the brands and companies they love for as little as R 5, with no monthly brokerage fees.

This formidable team, will, for the first time, be joined by Main’s business partner Paula Quinsee, a highly experienced life coach and author. As a consultant to South Africa’s television show ‘Married at first Sight’, Quinsee comes highly recommended and will be taking parents through one of the leading causes of marital and relationship stress – that of financial insecurity.

All members of the public are welcome to attend the workshop, however only 40 seats are available. Book your spot now to confirm your attendance – please visit

https://www.quicket.co.za/events/101627-money-smart-week-teen-and-parent-investing-workshop/

www.moneysavvykids.co.za

www.easyequities.co.za

#getsakidsinvesting

Ends

Issued on behalf of National Treasury and MSWSA 2020 by Creative Space Media.

 Leigh Callipolitis

083 264 6563 | leigh@creativespacemedia.co.za

Fourways resident Kathryn Main – FINALIST for Woman of Stature Awards

MEDIA RELEASE FOR NOMINEE DISTRIBUTION

Friday 7 November 2019, Johannesburg:

– And the Finalists are …

The eighty finalists of the 6th Woman of Stature Awards were announced on Saturday 2nd November at the launch of the Woman of Stature Foundation. The gala dinner will take place on Sunday, 08th March 2020 at the Indaba Hotel in Fourways, where eighty of South Africa’s most prominent women will be competing for one of twelve awards:

  • Woman in Community;
  • Entrepreneur of the Year;
  • Woman in Agriculture;
  • Woman in Education;
  • Woman in Engineering;
  • Woman Healthcare;
  • Woman in Finance;
  • Woman in Media;
  • Woman in Mining and Construction;
  • Woman in Technology;
  • Woman in Sport;
  • Youth Ambassador

This is the first time that the awards will be hosted by the newly formed Woman of Stature Foundation and proceeds raised from the awards will go the foundation. The mission is to be an intervention with preventative measures for women who find themselves in a sudden destitute situation so that they become independent and contribute to society.

Its annual Woman of the Year Awards are not limited to any particular field of endeavour, and for this reason rank among the most prestigious awards in South Africa for women.

Launched in April 2013, Woman of Stature’s purpose is to inspire and empower women from all walks of life.

Woman of Stature, Managing Director Charlotte du Plessis says, “The 80 finalists are each prominent within their respective communities and have reached considerable heights within their careers. They each reflect our values and focus at Woman of Stature, which is empowering other women whether through active mentorship, or just by setting the example for leading a purposeful life.”

Charlotte du Plessis received recognition as the founder of Woman of Stature when winning the Margaret Hirsch Women in Business Achievers Award Strubens Valley in 2016.

Kathryn Main a Education Finalist in the Woman of Stature Awards, says, “Thank you so much for the opportunity to participate in this Award. It is an honour to be selected as a finalist for such a prestigious award, and especially for such an empowering cause. It is indeed a cause dear to my heart and I am looking forward to making a difference in the lives of other women.”

The media partners and sponsors that have come on board thus far include; Indaba Hotel, Diageo, Nedbank, Wesbank, Hunter Group, Radio Pulpit, Radio Today, Jacaranda FM, Fourways Review, Real Women Real Life, NQ Nkosi Devine E Image, Upstage, Brett Herman Productions, Buddies For Life (Blog), AKA Africa Group, Bill Harrop’s Original Balloon Safaris, Seasons In Africa, Inspire Furniture.

“We look forward to a house packed with women and men alike to celebrate this iconic event – all for a good cause!” concludes Du Plessis.

Contact for bookings and further information: awards@womanofstature.co.za | Charlotte du Plessis 082 553 0061

Saving: Expectations versus Reality

By: Kgopotso Kgwedi

 “Money is only something you need in case you don’t die tomorrow” were the infamous words delivered with fervour by Carl Fox in the movie Wall Street. Money may not constitute all the happiness in your life as you know it but it certainly does go a long way in alleviating the burdens that come with keeping up a certain lifestyle and securing your future financial needs when you have retired.

The Expectations of Saving Money

In a perfect world saving is simple: spend what is left after saving. The answer to the crucial question “Why do we save?” and the expectations that come with it are as surely feasible as deciding to put away a sizable amount of your income in the recently opened savings account every month for the big three: a goal, emergencies and retirement. But the reality of saving will deviate from your imaginings all together and pose challenges that will require solutions that you might not have considered yet.

The Reality of Saving Money

  1. Re-Assess Your Financial Status (Twice)

Drawing up a concise plan of how you will spend your money sparingly in order to save for a rainy day is painless but sticking to said plan can prove difficult. Thoroughly going through your finances to assess where you stand will help you determine how you can start your saving journey.

Recording your every financial step will aid you in identifying areas you can cut down your spending without subjecting your family to a life of extreme cheapskates.  One thing to bear in mind while cutting down on your expenses to make room for your new saving habit is your lifestyle choices going forward. Adding “savings” in your “expenses” column wherein the recommended 10 – 15% of your salary is put away will help clearly show where your money is going.

  1. Set Financial Goals

Now that your lifestyle matches that of your current budget, financial goals need to be set. “What is it that I am saving for?” is the first question you will need to ask yourself.  Whether you are saving to afford your children’s university fees, pay lobola (dowry), buy a dream home, have a comfortable retirement, or simply preparing for unfortunate events like retrenchment, you need to give yourself a deadline for when you will achieve these financial goals.

Whether you are saving for a short- or long-term goal, you need to have a projected amount that you will need to save over the period of time you have set for yourself and stick to it. One way of doing this is to set scheduled monthly transfers to move money into a separate account just for those purposes.  Setting achievable short-term goals will assist you to be aware of how far you have come and how close to achieving your ultimate goal you are.

 

  1. Know Your Savings Options

Saving your cents and the occasional notes in a piggy bank hidden in the shoebox in your wardrobe at the ripe old age of 25 may work for some but it definitely does not work for most. The days of being classified as “unbanked” should be heavily reconsidered on your part. Opening an account specific to your saving goals while having the added bonus of being efficient and gaining interest over time is a benefit you cannot miss out on anymore. By doing so, you can use this one account to serve multiple purposes while subsequently setting aside money no matter what happens and, more importantly, be 80% less likely to dip into your financial reserves for reasons only detrimental to achieving your goals.

A flexi fixed deposit account will offer you an interest rate of 3 -7 % and the percentage is based on the amount of money that you save. If you are looking to save for a term of 5 years for example, a fixed account offers a rate of between 6 – 10 %. Once you’ve managed set up a monthly automatic transfer into the account you can decide to extend the savings period to suit your savings goals.

5 Tips to Financially Survive Janu-Worry

We all know the month of January is filled with countless unavoidable worries of the financial kind. Others may feel it more than others, but we all feel it non-the-less. We make lunch boxes for the first time in weeks, we carpool to work, and we stop buying coffee at that gourmet coffee shop on the way to work and instead make it ourselves. Basically, we go into level 1 of survival mode when it comes to our finances due to the crunch we feel. Here are 5 tips to get you to the next level of survival mode this Janu-worry.

  1. Know your credit rating

Your credit rating is like a meal ticket. If it’s good it will get you the best 3-course meal money can buy but if it’s bad, you can only get a single meal a day that is less than satisfactory. Your credit rating is information that lenders use when deciding if they want you as a customer. The higher your rating, the better your chances are at getting the financial assistance you need for all the important things in life. If you do not know what your credit rating is, there is no time like right now to get the information. By seeing your rating, you can see where you stand and recover if your rating is below par.

Find out what your credit rating is for free here: https://www.clearscore.co.za/

  1. Get your debt under control

When you are in a hole you need to stop digging. The same applies to your debt. Stop unnecessary spending. I did an interesting exercise recently and took 3 months’ worth of bank statements and highlighted my spending pattern. On average I was spending between R4000 – R6000 a month on frivolous spending with nothing to show for it.  Eating out, buying snacks from the petrol station, impulse purchases and retail outlets, overspending on my food budget etc. Take a high lighter and look at your spending. See how you can cut back on those unnecessary card swipes every time you go somewhere.

  1. Get on switching

‘Switching’ is the eighth wonder of the world, yet people never do it due to their loyalty (and because it takes forever to do). But you can cut down your expenses by hundreds of Rands when you actually stop being loyal to your current providers. A depressing fact is that companies typically give the best deals to new comers. Interestingly, the longer you are with a provider, the higher your premiums are likely to be. So, switch and not only get a cheaper deal, but a better one. Who doesn’t want car insurance, entertainment, or homeowner insurance for less? Review your insurance providers, cell phone providers, bank charges etc.

  1. Start building an emergency fund now!

The budget may be tight this month but that will change as the year progresses. Building an emergency fund as soon as you can afford it is imperative. Things can and do change in an instant, including your financial state. So, having a financial safety net is the only way you can solve the issue without getting into unexpected debt in 2020. Its never to late or to early to start saving. Even R100 a month to start with.

  1. Create a budget

December is a busy month of over-spending. From presents to holidays, the meaning of the word “budget” gets lost in the rush to have a good time. Money is tight but the family’s needs must be met. Knowing exactly how much is coming in and how much is going out is the best start to reduce your financial woes. All you need to do is get all your financial records together and see where you can cut back without affecting the family’s necessities “basket.” And remember to add “savings” in your expenses column.

Back To School

Whether you are seasoned veteran or a first timer, back-to-school is a stressful time for every parent. Getting back into the mode of things so soon after the festive season should be like clockwork, yet it seems the ringer malfunctions every new year.

Excessively worrying over whether your child will wake up on time in the morning or if you are ready to be separated from your baby on their first day of school is inevitable. Stationery and a new uniform for an ever-growing child are just two of the many staples on the budget list when prepping for back-to-school.  Yet one ‘must-have’ seems to be left out: Your child’s ability to be money savvy.

Either prescribed to you by the school or created from experience, the list of ‘must-haves’ to adequately equip your child for the coming year will have to take priority over all else. Financial education may not be included in the curriculum taught in schools nation-wide, but you can amend this for your child’s benefit.

Launching this year in schools across Gauteng and KwaZulu Natal Money Savvy Kids (MSK) is a financial literacy program for children as young as five. MSK is more than a product. It is a pathway to developing mind-sets that will ensure that South Africa’s children not only work their way out of poverty, but that they have the tools to stay out.

Equip you child with financial literacy skills by adding MSK in your back-to-school ‘must haves’ budget for the 2020 academic year.

Get us into your kids’ school now.

www.moneysavvykids.co.za

kathryn@moneysavvykids.co.za

079 370 0601