Women who are the breadwinners or manage households on a single income are often strained trying to manage their work-life commitments. We checked in with Ina van Rensburg, Capitec’s head of Merchant Services, to hear her top tips for female breadwinners.
Have your own bank account
“Having your own bank account helps you take financial responsibility,” says van Rensburg. “It also gives you some independence to manage your financial affairs according to your priorities, which may differ from your spouse or partner.” To help you take charge of your financial journey, Capitec’s Global One facility gives you a transactional/savings account and 4 free savings plans, which you can easily manage on our app.
Improve your skill set
Van Rensburg believes that further training and education is a great way to improve your earning potential over the long term. “Capitec can help in this regard by offering personalised credit if you need a financial kick-start to start a side hustle. Or consider enrolling in a course that can help progress your career,” she added. To help you study further for less, Capitec clients get special rates on online courses from Educate24 and GetSmarter.
Plan for retirement
“Statistically, women outlive men by 5 to 10 years, but on average, they also earn 10% to 20% less. That means it’s imperative to save towards retirement,” says van Rensburg. Use the flexible or fixed-term savings plans in your Global One facility as an additional savings vehicle, as you could earn interest rates as high as 8.65%. Even just putting away an extra R50 or R150 a month is a start – your savings will grow over time.
Prepare for added costs
With a longer life span comes added costs such as medical and housing expenses. Ina suggests preparing for these costs by covering yourself against unexpected expenses. “This will protect both you and your family, as family members often need help covering their bills in old age.” Capitec’s Funeral Plan is one such solution for unexpected funeral costs. You can cover yourself for up to R100 000 and add up to 21 dependants. Register for a funeral plan on our app and get discounted premiums, starting at just R25.
With the right approach, and the commitment and courage that South African women are famous for, financial dreams and goals can come true!