It Taught Me The Discipline Of Always Saving For Everything I Need
by Soccer Laduma
Nov 07, 2018 03:30 PM
Capitec together with Soccer Laduma found a way to reward and celebrate everyday South Africans, no matter what bank they do their banking with. Every month a winning letter gets published in an edition of Soccer Laduma, however, we have decided to also share the stories of others who have sent in their inspiring letters.
Matshakatshe Maanda Simsonhas over the years learned from observing others on how to not get involved in securing a number of credit accounts as this results in debts accumulating over time. He has, however done the opposite and opened a savings account and is now well on the way to building a dream home for him and for his family.
“My top financial tip is that one should by all means resist the temptation of opening many credit accounts and instead learn to patiently save and buy everything in cash. This is particularly crucial when one has just got a new job at a young age, you get offers from clothing stores, grocery stores, cellphone companies, giving you offers of buying their products that usually come with high interests rates.
“I learnt this from observing a group of my friends that I started working with. The urge and temptation to access latest fashion trends and latest gadgets led them into a dark pit of debts that even to this day they are still battling to get out of.
“This was a great practical lesson for me because it taught me the discipline of always saving for everything I need and buy (using) cash, which has brought complete financial freedom into my life.
“Now from my savings I am able to invest and build my family our dream home with the peace of mind knowing that I do not owe anybody.”
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