Last week we introduced you to our September financial spring cleaning. This month is all about #HealthyFinances and our friends at The Purple group are helping us get our minds aligned with what it means to have healthy finances.
We’ve explored how finances affect your health– we’re sold – our finances are affecting our health and with the determination to get to October with new habits, the time to start making changes is now.
But; we still have to live for today. How do you balance living in the now and planning for the future?
Lungile Msibi, Brand Manager at Emperor Asset Management opened up to us and share how she balances living in the now with planning for the future. After hearing how she does it, and her incredible insight, we are overwhelmingly inspired to adapt some of her tips. We hope you are too!
Q&A with Lungile Msibi
Do you follow a monthly budget?
Yes, I follow quite a broad budgeting regime in that I don’t necessarily count every penny however my income is clearly categorized between investing, monthly recurring expenses and spending – because a girl has to get a pair of awesome shoes once in a while.
Do you ever weigh up what you want now vs. what you’ll want in your future?
I have become much stricter in the last few months when it comes to considering how much I spend on “nice to have’s”. I find that delaying an expense often results in me forgetting that I wanted the item in the first place or me completely losing interest.
What tips would you have for people who struggle with focusing on the bigger picture and always go into a have-to-have frenzy?
I think the most important thing to do to avoid being in this situation is to make sure that you invest before you spend. This means, paying yourself first rather than saving and investing what is left over at the end of the month. My one and only tip is to automate your savings so that they are just like another bill that you must pay every month. After you pay your bills and pay yourself first, you can spend the remaining amount of money on whatever you want, guilt-free. This approach sets the foundation for your financial success in the long term.
Do you believe in a balanced approached to living & saving (i.e. save but indulge here and there so you don’t feel deprived)?
Trying to plan your financial life can feel like juggling too many goals at once, and you may feel like you’re not mastering any of them but I believe in the balanced approach. I have a little passion for fashion and I love travelling – both of these pleasures require money. Paying myself first in the form of all my investments allows me to be money wise and have some fun in the process.
Is there something big you’re saving/ planning for?
I hate being in debt and I always opt for cash when buying anything that can be saved for in a few months of pure dedication. So I am planning on paying off my property in less than half of the bond period. This will take some blood, sweat, tears and meticulous planning but I believe that it is possible.
How do you motivate yourself to get there?
Being debt free is a personal goal of mine and I am enthusiastic about achieving it. I motivate myself by looking at the end goal and dreaming of all the things I will be able to do with the extra money in to my disposal. So less shoes and less trips for a while might mean that I could be able to go shop in Paris – guilt free in a few years.
How do you balance living in the now and planning for the future? Share in the comments (we can use all the tips we can get!). Subscribe to our newsletter to get the next instalment of #HealthyFinances delivered to your inbox.
Lungile, holding an Honours Degree in Corporate Communication from the University of Johannesburg, has been named as one of SA’s Top 20 under 30 millennials shaping the future by Fast Company Magazine for her work done around empowering citizens with education around investing. She joined the Purple Group team as Brand Manager of Emperor Asset Management in 2013. Lungile has brought to the team her experience as a consultant, developing strategic communication for leading South African Brands. Since 2013, Lungile has provided an understanding of current and potential clients, client lead generation and relationship management, and has developed and managed marketing campaigns. Lungile’s work is a reflection of her passion to dispel the idea that investing in South Africa is for a privileged few and developing an investment language that anyone can relate to.
Feige is the co-founder of Nutreats. She likes to code things, design things, and all things beauty.