Story
By Kgomotso Motau
ABSA 2024
I had a privilege of training the staff of Ehlanzeni TVET colleges ( Nelspruiit, Mashishing, Kamhlushwa ,Barberton & Acornhoek campuses). The staff was was welcoming and eager to learn . The staff consisted of people of all ages, from interns, young professionals to the ones preparing for retirement.
The workshop included topics budgeting, needs & want , setting financial goals etc. Real-life examples on different topics were used like the debt, one of the participants indicated that "Debt is like quicksand, The more you struggle, the deeper you sink." He also indicated that interest rates can sweep away your financial stability if one is not careful. Another participant also gave a personal example that he previously bought a car and ended up struggling to make ends meet, he ended up selling the car and bought a smaller/ affordable one. His story served as a sobering reminder of the danger of unchecked cost of debt.
The conversation then shifted to budgeting, importance of tracking income and expenses, setting financial goals, and creating a realistic spending plan.
The workshop participants were encouraged to share their budgeting challenges. Some admitted to impulse buying, while others struggled with saving for emergencies. Different saving tips, such as using budgeting apps, setting up automatic savings transfers were shared.
With all sessions the mood became more serious when the topic of Wills and Insurance was introduced. We all agreed that these two topics might seem like distant concerns, but they are crucial for protecting/ taking care of our loved ones when we no longer can.
We also agreed that Insurance is a safety net. It provides financial protection in case of unexpected events like death, accidents, illnesses, or property damage. One attendee gave an example that "Insurance is like a seatbelt, You hope you'll never need it, but you're glad it's there when you do."
In conclusion participants asked questions about everything e.g. high interest rates to retirement planning. One lady who is preparing to retire soon was grateful that ABSA staff was there to guide her with her retirement plan. I liked the fact that participants were able to share real life issues and were able to provide clear and actionable advice to one another. I believe that the when attendees left the workshop, they carried with them a newfound sense of financial empowerment.
The workshops had been more than just an information-sharing session. It had sparked a community of people committed to taking control of their financial futures. They carried with them the seeds of financial wisdom, ready to cultivate them into a harvest of prosperity.