Financial education with ABSA

Financial education event 

This event was hosted by IIE Rosebank college in partnership with ABSA. 

This was a very insightful event to attend as a student and someone whom wants to learn about managing their finances. We were taught about money management, how to make your money work for you, powerful money laws and more detail about investing in yourself and financial growth.

The ABSA financial assistance was the guest speaker she touched more on how to make your finances work for you and the powerful money laws. “You need to follow the laws in order to live a financial stable life especially if you are a student, you need to spend less than what you earn to grow your income”. If you are not going to invest as little as you can to grow your income, if you are not going to use your credit wisely and if you are not going to budget to tell your money what to do, the powerful money laws are going to work against you.  

She also stated a very important message of how students are drowning in debt and 80% of working South Africans are drowning in debt living from pay check to pay check this is caused by borrowing and living off paying credit and loaners. 

Five money laws to grow abundance:  

• Spend less than what you earn.  
• Grow your income. 
• Save for what you want and invest to build wealth. 
• Work carefully with credit.  
• Budget- tell your money what to do. 

Having a budget plan is like planning your study timetable if you don’t plan your study timetable you are going to fail the same applies to planning your budget if you don’t plan your budget your financial growth will fail to grow (plan to tell your money what to do). If you can start a business from using the little that you have, remember your clients are the people in your community, social platform, your network (audience) and by first identifying your community’s needs you are able to start the business by selling their needs.Then you will have an income budget and a needs budget, because you only going to use your income for the things you need and then you’ll need to have a savings budget for your long term saving bucket list. 

The financial assistant touch on a very insightful interesting story about a men from Soweto named Thando Makhubu who started an ice cream business using the Government social grant R350 that started during COVID-19. The name of the ice cream business he owns is called Creamery, during the pandemic he used the government grant of R350 to start an ice cream business, from R700 stock he made sales of R5000 from selling ice cream and today he employs five people including himself. From as little he had I was able to start a business that has now created jobs for other units people.