BEST TO BUDGET: Blue Mbombo says when you are in the entertainment industry saving should be your best friend. PICTURE: SUPPLIED
BEST TO BUDGET: Blue Mbombo says when you are in the entertainment industry saving should be your best friend. PICTURE: SUPPLIED

How do celebs spend their money?

By Mpiletso Motumi Time of article published Apr 8, 2018

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The Value Added Tax has officially increased from 14% to 15%. We asked some of South Africa’s favourite celebrities about their financial spend and how their money affects their lifestyles. 

COUNTING COINS: Blue Mbombo has started investing in cryptocurrency. PICTURE: SUPPLIED

Medial Personality, Blue Mbombo

TS (The Star): What is the one lesson you have learnt about money?

BM: I have just finished reading the book: The Richest Man In Babylon and I can proudly say I have learned a lot about money but the highlight or biggest lesson would be... To Live Below Our Means. For example...if we paid ourselves first at least 10% of what we earn that leaves us with 90% or less of our income to live on. Controlling our expenditures enables us to make good use of the money we have left over after we paid ourselves.

TS:Do you have a monthly budget? How do you go about keeping to it?

BM: I do have a monthly budget and I think it's essential for every individual to have one, more than discipline monthly budgeting allows me to create a spending plan for my money.  

TS: I find it easy to budget or stick to my monthly spending plan plan because I am disciplined.

BM:What are the essential things you spend your money on?

I spend most of my money on basic needs, which includes housing, food, car and family 

TS: Do you believe in saving? If so, do you have a monthly plan?

BM: When you are in the entertainment industry saving should be your best friend, simply because not every month would be as good as others and yes I do have a saving plan.... I have also added the lesson of 10% that I took from The Richest Man In Babylon book.

TS: What has been your biggest splurge this year, so far?

BM: Apart from investing in cryptocurrency and family, Busisiwe I have not spent money this year and I plan to keep it this way for a long time.

SALARY SAVVY: JJ Schoeman balances being a businessman and designer by leaving personal spending and hobbies at the tail end of his budget. PICTURE:SUPPLIED

Designer​,  JJ Schoeman 

TS:What is the one lesson you have learnt about money?

JS: The excess of money can make you spend it foolishly and the lack of money makes you appreciate it more, using it sensibly. Each coin could sometimes matter. I was short of a 10 cents coin to exit the parking area at The Oriental Plaza once, and the lady wouldn’t let me exit. She said she would be short in the till. That is a good lesson to learn.

TS: Do you have a monthly budget? How do you go about keeping to it?

JS: My monthly budget is made up of all the fixed expenses and it varies. These fixed but variable costs comes first. It consists of rentals and home bonds, vehicles and insurances, medical aids and policies as well as monthly contributions to charities or support groups. Often one has to visit these expenses and see if any can be reduced or cancelled as costs rise always. One cannot move forward when these are not up to date is a strict rule of mine.

 TS: What are the essential things you spend your money on? 

JS: Having a business makes you put people(employees/salaries) and their wellbeing first. Business expenses, property and all that it entails follow, which leaves personal expenses and interests/hobbies for the very last.

 TS: What is one guilty pleasure you will not give up, even when the 'Rand is low'? 

JS: A weekend away to a pet friendly venue when needed, restores one’s inner being and is highly recommendable once in a while as it possible and affordable. It can ‘fix’ a lot of things.

 TS: Do you believe in saving? If so, do you have a monthly plan?

JS: Annual saving is the most important thing. Count your savings at the end of each year. As one stack these yearly savings, eventually it can give you wings or you can start a business. One should try to keep to a fixed monthly amount and when possible go over and above this amount. The best way to ensure to keep saving is to deduct the savings amount first before any debit orders go off. Put it away and do not leave it until the end of all the monthly expenses to see what is left over. Usually there would be nothing left, so the saving won’t happen.

CAREFUL CASH: Hildegardt Whites says the nature of her work means she has to tailor her budget on a month to month basis. 

PICTURE: SUPPLIED

Actress, Hildegardt Whites

TS: What is the one lesson you have learnt about money?

 HW: Money isn’t as difficult to come by as you may think.  You just need to be creative and diligent.

TS: Do you have a monthly budget? How do you go about keeping to it?

HW: We do, and we stick to it as best we can. But the nature of our work often means that income can be unstable so we sometimes have to tailor our budget on a monthly basis, and not annually like most people would.  

TS: What are the essential things you spend your money on? 

HW: Pretty much the same as anyone else.  Housing, medical aid, fuel, insurance.  All those fun things! 

TS:What is one guilty pleasure you will not give up, even when the 'Rand is low’? 

HW: Sushi, and the internet! 

TS: Do you believe in saving? If so, do you have a monthly plan?

HW: Absolutely.  Saving is extremely important for people in our industry, because freelancing is such a big part of it.  You don’t always know if you will have a dry spell where you will need savings to draw from.   It’s not really a “plan” as such.  We just put away what we can when possible and keep it for emergencies. 

TS: What has been your biggest splurge this year, so far?

HW:We haven’t really had one yet.  But last year, definitely the birth of our child. BIG splurge.

SHOES SPLURGE: Boipelo Mabe loves to spend a little extra on her high heels.

  PICTURE: SUPPLIED

Miss SA  First Princess, Boipelo Mabe

TS: What is the one lesson you have learnt about money?

BM: Money is not meant to be chased but made. The moment I understood that, was the day I started to see the many opportunities to make money,  especially in South Africa.

TS: Do you have a monthly budget? How do you go about keeping to it?

BM: Absolutely, consciously managing my money is key. I keep to it by never compromising on what's priority. Each month comes with added or new expenses and the only way I effectively manage those is by listing them in order of importance. 

TS: What are the essential things you spend your money on? 

BM: Everything that ensures my wellness and security (on various levels); that's a long list of things that range from savings, my home, healthy food, family investments, tithes and offerings. 

TS: What is one guilty pleasure you will not give up, even when the 'Rand is low'? 

BM: Shoes! The rand can be low but my heels stay high! :) 

TS: Do you believe in saving? If so, do you have a monthly plan?

BM: Saving money has saved me too many times for me not to believe in it! 

I have several investment accounts with debit order systems in place and have this year explored other ways of saving; I've joined a December grocery stokvel with some of my colleagues, which will save me a great deal of Christmas grocery shopping for my family in December. 

TS:What has been your biggest splurge this year, so far?

BM: I recently moved to my own place so my biggest splurge for now and probably the next few months will be furniture and house decor of which I'm now obsessing over. 

My biggest this year was on a custom made couch. 

@mane_mpi

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