Six ordinary South Africans will take up the Absa/City Press Money Makeover Challenge and undergo a money makeover boot camp.
The next six months will test their resolve and ask of them to take tough decisions on every aspect of their finances – whether they can afford to keep the car of their dreams, reviewing if their business is really making any money, or whether that lavish dream wedding they’ve always wanted will be a debt trap.
Each candidate has been allocated their own Absa financial adviser who will assist them in organising their finances and help them reach their personal financial goals. The candidates will be required to complete certain financial tasks and to stick to the budgets set out for them in order to win incentive prizes if they reach certain milestones or to be selected as the final winner of a R100 000 investment fund.
This is the second year that City Press is running the Money Makeover competition and the first year for the Absa sponsorship. “For me the most surprising outcome of last year’s competition was how quickly the contestants paid off their short-term debt.
“These were people who claimed that they did not have enough money to settle their debts and start saving, yet within six months almost all of them had closed furniture and clothing store debt and paid off their credit cards,” says personal finance expert Maya Fisher-French.
Fisher-French will once again be working with this year’s six candidates and their Absa advisers to showcase their stories and hopefully inspire other South Africans to start their own personal journey to financial health.
“In our challenging economic climate, where consumers increasingly feel financially squeezed and have to do more with less, financial discipline is crucial. The temptation to take on additional debt to ease these pressures is always greater than cutting expenditure to save for the long term. As a caring, responsible lender, we take our broad societal responsibilities very seriously and over-indebtedness is a significant threat to the long-term financial security of families,” says Jan Moganwa, CE Customer Solutions at Absa Retail and Business Banking.
“Thankfully, the work necessary to managing your finances — such as paying off your debt and then converting the free cash into savings — is achievable with the right dose of discipline, and we look forward to partnering with City Press and Maya as each of the six candidates undergo their respective money makeovers,” he says.
A team of Absa financial advisers and a business banker have been paired with a candidate and will assist them with achieving their budgeting, saving, investing and wealth management needs.
On Sunday 8 October 2017 the names of the candidates will be revealed in City Press and South Africans can follow their progress on the first and third week of each month as well as online on the dedicated Absa/ City Press Money Makeover webpage which goes live on October 8, and also on social media – follow #MoneyMakeover.
“Visit our Money Makeover website and look out for the bi-weekly feature in the City Press lifestyle supplement #Trending, where I will keep readers informed on each candidate’s progress. It will also give readers access to valuable tips and inspiration on those day-to-day money decisions all of us grapple with,” says Maya.
The overall winner will be announced in City Press on Sunday 25 March 2018.