The Money Diaries

While doing my shopping the other day, I realized that in my rush to leave home, I hadn’t carried any money with me. There I was at the till, with all my shopping being scanned and packed, and to my horror, my handbag only held a few odds-and-ends, some spare change, but no ATM. Luckily, I had my mobile phone. This enchanted sleek rectangle not only held my weekly shopping list, at that moment, it was my saving grace – providing me with access to some money I had in a mobile unit trust account ( my starter fund ). I quickly transferred the money I needed to my mobile account, and paid for my shopping. No muss, no fuss – crisis averted. Despite the fact that I had saved myself from an embarrassing situation, it pained me that I had had to resort to using part of my savings on a weekly shop. Although we are fortunate enough to live in times where we can enjoy the efficiency and accessibility of the digital age, all this convenience comes at a price. Everything is a mere tap or swip...

You’re stuck running on a treadmill – working hard but can never really getting ahead. Your income is barely enough to live on, and you’re in need of some extra money to cover the bills and all manner of expenses. What’s the harm in borrowing a little money to get by? Next thing you know, you’re stuck in a loop of constantly having to borrow from Peter to pay back Paul. A former workmate of mine made ends meet by living in perpetual debt. He would always request a salary advance within the first week of the month, a little after payday. Despite his reasonably great salary, he’d claim to need the money to cover legitimate expenses such as: school fees, rent, or medical bills. No judgement, life can get tough. However, he’d also borrow from everyone else – and I mean everyone, including the office cleaner. To make matters worse, he had the reputation of being a defaulter. He was a lender’s black hole, if he 'borrowed' any money from you, most assuredly, you were never gettin...

Father’s Day is coming up, and I’d like to celebrate my late papa. He was my chief supporter, advisor and champion, and I miss him dearly. Always generous with his time, knowledge and experience, he taught me so much not only about finances, but about life in general. So, I figured, I’d immortalize his words, and share some of his sage wisdom. He gave me three major pieces of advice that have stayed with me after all these years, these are: Life’s a marathon, not a sprint. When I got my first proper job, I was in a hurry to live life on my own terms, to be independent and stand on my own. I proudly announced to my parents that I would be moving out. I had saved up enough for rent, and aside from some odds and ends, I had a radio, a rocking chair, and a sleeping bag, that would be enough. After he had recovered from side-splitting laughter, my father told me told me to pace myself – that I didn’t have to rush at life, and that I needed to reassess my priorities. But, knowing tha...

True story – a friend of mine bought himself a bright, shiny new car with a powerful V8. He scoffed when I advised him to take out comprehensive motor insurance. His reasoning was simple: he would be the only one driving the car, and he’s a careful driver. Also, if the car were ever to sustain any damage or breakdown, he could easily handle the repairs at his garage. A few weeks later, he was involved in a serious accident. Fortunately, he escaped with barely a scratch. However, his precious car was completely written off – an undrivable, unsalvageable, a twisted metal sculpture of scrap. Many of us think about insurance the same way my friend did, as an expense that we can avoid, or as a non-issue that we don’t think about until we’re in desperate need of it. We convince ourselves that nothing will go wrong, trusting that the universe or higher power has our backs, and everything will work out for the best. Unfortunately, life doesn’t always go to plan, and while hope does wonders...

In the prime of my youth, and at the height of my professional career, life was all good. And just when I thought things couldn’t get any better, I found that I was pregnant. After the baby was born, my partner convinced me to stop work, and stay home to take care of our son. We didn’t talk about whether his pay could support a family of three. We were in love, and our little bundle of joy completed our picture of domestic bliss. Soon after, the cracks started to show. I would ask him for money for household expenses, and receive less with the expectation that we would manage, somehow. As time went on and this lifestyle became more difficult to maintain, it became clear to me that I was the “somehow” . I started using my savings to fill-in the gaps and when the well ran dry, I had to go back to work to help support our family, and look for extra money to cover the cost of house help and child care. Amid all these mounting frustrations and resentments, we never actually had any ou...

When money’s tight, borrowing feels like the only solution available, especially if the situation is dire. Mobile money loans alerts, those money lender flyers, and even the banks entice you to get a quick easy loan to keep you afloat. Hopeful that all will be well and fortune will favour you, or that the clouds will part and manna fall from heaven, you’re optimistic that the money will come, and you’ll be able to clear your debt but, this isn’t always possible. You’re going about your day, when a friend calls insisting on meeting you in-person with some big news. Since she isn’t usually prone to hysterics, you’re curious and even a little anxious. She arrives holding a newspaper, and immediately brings your attention to a particular section. Under the listings of assets for sale, is your house. This is what happened to a friend of mine. Her husband took out a loan against their home, but failed to repay it in time because his investments had fallen through. Ashamed, defeated...

There was once a family that lived in a semi-permanent house on a 5-acre plot of land, with bricks, sand and bags of cement scattered all-around. They had been living there for over a decade, and the whole community was under the assumption that they were the rightful owners. As it turns out, the “man-of-the-house”   was hired by the rightful property-owner as a caretaker. He was tasked with looking after the site and safeguarding the building materials, while the owner slowly finished construction on what would have been his retirement home. Sadly, the owner died. No inquiries were made regarding the property, no follow-ups, and no heirs made themselves known. Since there was none the wiser, the caretaker and his family properly settled in and made themselves right at home. Stories like this highlight how easy it can be for unclaimed and undocumented property and assets to slip through the cracks. It is very important that you keep a secure record of your entire estate, includ...

If there was anything my father loved more than football, it was his newspapers; to us, they were just convenient liners for kitchen shelves and drawers, but to him they represented a tangible and precious connection to the world. One Saturday, a fruit vendor was selling some juicy mangoes in our neighbourhood and we wanted a taste. Since my siblings and I didn’t have any money on us, we came up with the brilliant idea of selling some of our father’s old newspapers to satisfy our mango-craving. When our parents came home, we happily shared the mangoes with them. Curious, they asked us where these juicy fruits had come from, and we told them what we’d done; the joy and good spirits of that day quickly turned into tears. Even though they too had partaken and enjoyed the spoils of our ill-gotten gains, we were roundly scolded, and soundly beaten not only for the theft, but for our audacity to touch things that didn’t belong to us. Yes, dear reader, while charity begins at home, so d...