Over 4 000 people from the length and breadth of Mpofana Municipality descended on the town hall to get messages of encouragement to save for the festive season and beyond.
MEC for Finance in KwaZulu-Natal and Champion of KwaZulu-Natal Financial Literacy, Ina Cronjé, in partnership with the Mayor of Mpofana Municipality, Cllr Ntombi Mpangase-Mchunu, launched her signature outreach campaign “the Savings Campaign” to encourage communities to use their money wisely, and save for the festive season and beyond.
July is savings month hence the launch of the campaign in Mooi River. MEC Cronjé will roll out the campaign to all other districts throughout the province to encourage people of KwaZulu-Natal to save.
Speaking during the event, MEC Cronjé emphasised the importance of saving. She said it was important that people save money towards buying items that they needed instead of buying through credit. MEC Cronjé encouraged people to discuss their finances with families so that it would be easier to budget and save money.
She said a lot of people were sinking into debt because they were not budgeting and did not use prudent ways to spend their money. MEC Cronjé cautioned against buying on credit because it was costly to service debt.
"If you buy on credit, you end up paying more than twice the amount of money than you would have paid when buying in cash. It is important to save money until you have saved enough to buy items you need.
"It is understandable to buy on credit when you have to buy essential items like property or vehicle. In such cases, I advise that you must plan and try to pay more than the minimum instalment so that you can repay the loan quicker," said the MEC.
She said the golden rules are: Do not spend the money that you do not have; spend your money wisely and responsibly; and save money.
She told people to shop around for items comparing prices before buying. "Discuss your budget with your family so that you can spend money wisely. You must always save. It does not matter how small the money, save it." She invited stokvels and cooperatives to invite the KZNFLA to educate them on financial issues.
"We can help if you need workshops on financial literacy so that you run successful stokvels and or cooperatives. Cronjé concluded by adding her voice in wishing former President, Dr Nelson Mandela, a speedy recovery. She expressed happiness that Mandela was better at the hospital.
She quoted him saying: "There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living." She asked people to do their best to make KwaZulu-Natal a saving province.
The local Inkosi, Mr Nduna Mchunu, from Mdubuzweni, said that he also learnt a lot from the visit, such that he will call a meeting with all the local traditional leaders to encourage them to meet their communities and instil the culture of saving so that Mpofana Municipality people can start saving for the better future. “People must stop asking where they will get money whereas God gave them hands to work for their families.”
Mayor Mpangase-Mchunu said that the visit was eye opening because most people in her municipality are blacklisted and are sinking in debt. “It is encouraging to be exposed to such informative presentations on saving and personal finance management. We hope that our communities will take advice from Treasury and take advantage of this opportunity.”
For more information please contact:
Musa Cebisa
Cell: 071 687 8777
