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IOL News
09-05-2025
- Business
- IOL News
How my mother and grandmother taught me to manage money wisely
Discover the invaluable money management lessons passed down through generations of women in my family, from frugal living to smart saving strategies, and learn how these teachings can empower the next generation. This Mother's Day, I'm reminded that the early money lessons I've learnt didn't come from textbooks or formal training – they came from the women in my family. They didn't have flashy financial tools or expert advice, but they knew how to stretch a rand until it squeaked. Their approach was simple: Save smart, live frugally, and make the most of what you already have. Watching my mom in action made it real – her quiet everyday choices shaped a kind of financial wisdom that was practical, powerful, and worth passing on. My grandmother was the queen of preserving. Canning wasn't just a hobby – it was a way to make sure nothing ever went to waste. She'd bottle anything she could get her hands on. She taught me that having something set aside (especially something homemade) was a form of security. A quiet kind of wealth. My mother's savings superpower was her sewing machine. Growing up, most of my clothes were homemade. Shop-bought outfits were rare, but I never felt I was missing out. If anything, it gave me a chance to stand out with one-of-a-kind pieces stitched with love. Beyond that, she was a budgeting wizard. She used the envelope system religiously – dividing the weekly cash into labelled envelopes for 'fruit & veg', 'milk & bread', 'church', 'parking' as well as for the occasional tuck shop treat. She bought in bulk when it made sense, reused and repurposed literally everything, and had a way of turning leftovers into new meals like magic. Nothing ever went to waste in our home. Not food, not fabric, and not time. Financial advice doesn't always come wrapped in spreadsheets or seminars. Sometimes, it comes in the form of bottled peaches, hand-sewn dresses, or the quiet pen-and-paper budgeting at the kitchen table. I am most grateful for these lessons. They have shaped us as a new generation of women, teaching us the value of smart, mindful saving. Now that I manage my own home and raise a daughter of my own, I realise just how much I have absorbed during those years. The biggest money lesson I hope to pass on, in turn, is what I've learnt from our actuaries: Your money can work harder than you do. You don't have to hustle every hour or reinvent the chicken broth to save. With time on your side and a bit of discipline, your money can grow quietly in the background, doing the heavy lifting for you. But start early, the more time your money has, the less effort you'll need later. Here is a great example. If you start saving R1,000 per month when you are 23, increasing the savings amount by 10% per year and assuming growth of 10% per year, you can save a healthy R135,000 by the time you turn 30. This can be a 10% deposit on a R1,35 million home. In the end, your house will cost you R333,000 less, and the fees will cost you, say, R17,200. That's a lot of money you're scoring. The best example of the influence of time is retirement savings. The earlier you start, the more time your money has to work for you. The longer you wait, the more you will have to put away to achieve the same growth. The sums show what happens if you start saving R1,000 per month at the ages below, up to the age of 65. (Assume growth of 11% per year, and inflation of 6% to calculate the real value.) The 'real value' column is a big word to tell what your retirement value would be worth today. This is to indicate that almost R4 million sounds like a lot of money, but 40 years from now, it will not buy you a lot. Starting to save at age Retirement value Real value now 25 R3 880 000 R377 000 35 R1 566 000 R152 000 45 R572 000 R55 000 55 R169 000 R16 000 My story to my daughter is not as romantic as what I've learnt from my mother and grandmother, but I believe it also shows that the best gift from mother to daughter is a shared story on how to make every cent count. In turn, I hope that over time my daughter will show the quiet strength that comes from managing our money with intention. It is something she would have learnt not only from me, but also from my formidable mother and grandmother. To me, that would be the greatest Mother's Day gift of all. * Havenga is the head of business transformation at Momentum Savings. PERSONAL FINANCE
Mail & Guardian
24-04-2025
- Business
- Mail & Guardian
South Africa hosting Africa's Travel Indaba in May
Tourism Minister Patricia de Lille takes a rickshaw in Durban. South Africa is preparing to host Africa's Travel Indaba 2025, the Demand from businesses and buyers wanting to attend the annual event has surged this year, Tourism Minister 'As we go into Africa's Travel Indaba 2025, we currently have participation from 26 African countries including South Africa. We have also seen consistent interest in the number of tourism products from across the continent,' she said. More than 1 200 exhibitors had confirmed their attendance. 'A total of 908 buyers have been vetted and approved, with 7 430 meetings already confirmed on the Indaba online diary platform. 'Interest is surging from major markets including the United States, China, the United Kingdom and India. In fact, a total of 55 countries are represented in our buyer profile,' De Lille said. The indaba will feature discussions on how artificial intelligence (AI) can drive customer service improvements, streamline operations, enhance visitor experiences and optimise marketing strategies. 'This will help tourism businesses, particularly small and medium enterprises, harness the power of AI to stay competitive in the global tourism market,' De Lille said. 'This year's indaba will also highlight opportunities for cross-border tourism collaborations and regional destination marketing to increase the value of Africa's tourism offering.' De Lille said 1 000 jobs had been created for youth, students and entrepreneurs at the 2024 trade show. 'A total of 9 000 delegates walked the hall of indaba, 1 200 exhibitors shared their dreams, 24 000 business meetings turned ideas into action and R226 million in direct economic activity was generated right here in Durban, with another R333 million The De Lille said sports, adventure tourism and medical tourism were major drawcards to the country. 'In 2024 adventure tourists made up 8.8% of tourists to South Africa, which is over 700 000 of the 8.2 million arrivals in 2023. Adventure tourists to South Africa stay five nights longer and spend almost three times more than the average tourist to South Africa,' she said. 'Adventure tourism speaks to the heartbeat of the new traveller — those seeking meaning, authenticity and magic. From the quiet beauty of the Karoo to the wild trails of the Drakensberg, we invite the world to lose themselves in Africa — and in doing so, find something deeper.' She said by the end of November more than 200 G20-related meetings would be hosted in the country, which currently holds the presidency of the grouping. 'This cements the message: tourism is not a side act in our economic story — it is centre stage,' De Lille said, adding that the sector was 'regaining momentum' after the ravages of Covid-19, contributing 8.2% to GDP in 2023 compared with 9.5% before the pandemic. 'Last year, nearly nine million international visitors arrived in South Africa – 76% from fellow African nations. The tourism sector already supports 1.68 million jobs, set to grow to over 2.2 million by the end of the decade,' she noted.
