MentorFeed

Money Tips From Nomzamo Mbatha

The Isibaya actress makes the bulk of her money from lucrative endorsement deals with brands such as Puma, Neutrogena and L'Oreal.

Just because she's rich and famous, it doesn't exempt her from experiencing the same financial woes as the rest of us, particularly when dealing with family. 

For a Capictec money-wise campaign she shared her thoughts on the tricky dynamic of managing family needs and your finances.

Here are tips you can action today:

Nomzamo Mbatha2
Credit: Instagram

Employ Family

If I’m doing a project and need an extra pair of hands, I don’t hire a stranger. Rather, I employ that cousin or family member who is sitting at home and needs the extra income. In this way they earn money through legitimate work and learn a skill in the process. It stops a dependency cycle from developing.

Borrow What You Can Afford To Lose

When it comes to lending money, I’ve also learnt to give family members only what I’m prepared to lose. They may ask to borrow R5 000, but I’ll give them just R1 500 because chances are good that the money is not coming back.

Plan Your Finances Ahead Of Time

I plan way in advance. I put aside a set amount that I want to contribute to my family and then manage their expectations around that amount. When the amount is used up, it’s finished. I don’t let people stretch me beyond what is healthy for my finances.

Be Creative In Helping

I believe if you really want to help someone, be there for them at the 20% mark, and allow them to deliver their 80%. They need to show me that they are also proactive in finding a solution. I won’t go the extra mile for someone unless they are putting in some effort themselves. Otherwise it’s not good for them.