With an Emmy Award nomination already in the bag, Thuso is just one admirable example of how Mzansi’s female powerhouses show tenacity. We asked her to share her top tips for young women wanting to take charge of their financial future.
Stay focused on your goals.
At age 4, Thuso lost her mother, leaving her grandmother to raise her under difficult circumstances. It was this humble beginning that left her wanting to achieve more in life. She recalls being financially conscious and dedicated to saving from early on. “At a very young age I used to negotiate with my grandmother if I wanted something. I'd save up half and ask her to help me out with the rest. Or I'd sacrifice a birthday gift or my Christmas clothing allowance to save for what I felt I needed to help me further either my academics or practical life activities.” It was the same perseverance and resilience that gave her the fire to chase her dreams of becoming an actress. She fought her way through a notoriously unpredictable industry to star in multiple hit TV series. And this year she achieved another long-term goal when she purchased her first home with her sister. Her aim is to stay financially focused to pay off her house within 2 years.
Cut back where you can
Thuso believes it's important to go through your bank statements, to use your bank’s app to track your expenditure, and to draw up a budget to help cut back where you can. “This way I’m able to make sure that by the time money comes in, it goes exactly where it needs to in terms of my monthly expenses, savings and investments. And only then, will I spare a couple of cents for a pizza or something. I also hate owing people anything, so I avoid those situations at all cost. I’ve come to accept that if I can't afford something at a specific time, then it's not for me.”
A man is not a plan
Thuso doesn’t believe in depending on a partner to take care of her finances. Instead, she takes money matters into her own hands and educates herself to boost her financial understanding. “I grew up with a lot less than my peers, so I learned how to value and protect whatever I had from an early age. At times we would not know when the next paycheck would be, so I had to be smarter with my resources.” She quickly learned that financial health is all about hard work, discipline and perseverance.
Save, save, save
“My advice to other women is to save, invest, save some more and avoid unnecessary debt! If you really want those new heels, you can save up for them,” she says. Thuso recently created 2 free savings plans linked to her Capitec Global One facility. Each focuses on a different short and medium-term savings goal. “I’m currently saving for an upcoming UK holiday and home improvements to my new house. I’ve also set up automatic monthly transfers so I don’t have to worry about second-guessing my decision to save.”