Since the new budget has come into effect, with the 1% increase in VAT. Briefly.co.za found out how some celebs have been affected with the help of iol.co.za.
After reading The Richest Man In Babylon media personality, Blue Mbombo has learned a lot about money and how to live below her means and controlling her expenses has allowed her to make the most of her money. Budgeting is essential and allows for a spending plan for the rest of the month.
For people in the entertainment industry, saving is essential and she make sure to save at least 10% of what she earns. The only things she has spent any real money on is cryptocurrency and her family and she plans on keeping it that way.
The designer, JJ Shoeman shared what he has learned about money. From early on Shoeman has learned the importance of money and that budgeting is essential. He makes sure all his fixed expenses are budgeted for and paid first. These consist of home bonds, vehicle insurance, medial aids and policies.
If something changes and the costs rise these fixed expenses can be cancelled or reduced.
Being a businessman makes him responisble for his employees and they must come first, which makes all his business expenses next on the list. Once those are paid he then spends money on himself, his hobbies and interests.
Saving is very important and Shoeman makes sure he puts something away every month, this can become very important later in life and can help start a business or buy a home.
The actress Hildegardt Whites found that money is not that hard to come by if someone is creative and diligent. She tries to stick to her monthly budget as closely as possible. Most of her budget goes to housing, medical aid, fuel and insurance.
For her saving is very important, especially since she does not have a fixed annual income and has to budget from month to month.
The Miss SA First Princess, Boipelo Mabe learned from early on not to chase money but to make it, when she realised this her perspective changed and she saw all the oppotunities South Africa offered.
For her a budget is essential and it must be flexible to the possible change in expenses. She places her wellness and security first on her list of things to pay, then comes savings, investments and charities.
She has a guilty pleasure and that is shoes, if the rand is low she always makes sure her heels are high.
Saving is important and has already saved her a few times already. She is however splurging on home decor and furniture for her new place at the moment.
"South Africa has a lot of rich people but who are the richest of them all?" Check out this video on -
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