EPISODE 3 Money Hacks - Use your side hustle to meet your financial goals

The Money Makeover journey has passed the halfway mark and many of the contestants have learned some hard lessons.

If you haven’t started already, follow six ordinary South Africans as they take up the City Press/Absa Money Makeover Challenge and undergo a money makeover boot camp. During the six-month competition they test their resolve and make tough decisions on every aspect of their finances.

Each candidate has been allocated their own Absa financial adviser who will assist them in organising their finances and reaching their personal financial goals. Along the way for those who stick to their money plans there are incentive prizes and the chance to win the big investment prize.

This is the third in a series of six video Q&As that offer you the chance to ask your questions and learn from our contestants. To do this we tap into the Absa experts to help our candidates with any issues they may be facing that are also relevant to our followers.

This week Maya Fisher French and her guest, Absa Investment Specialist Faizal Noor, talk about how to use your side hustle to meet your financial goals.

Mpho’s business lessons

Mpho is a township entrepreneur with several businesses in Phelindaba, North West. He wants to learn how to generate money and grow the money he makes from the small businesses that bring him both joy and despair.

Mpho runs a small township fast-food restaurant called Babacazoo Walk and a small T-shirt printing business called Black Market Junction. He supplements his income as a part-time soccer coach and personal fitness trainer, having previously worked as the SuperSport United FC supporters coordinator. Mpho’s challenge is in managing these many businesses and deciding which ones need more attention.

“My main financial pressure is to buy enough stock to at least run my restaurant for a week or two and to renovate so I can start doing sit-down meals and hosting events. In the printing business, I would like to buy bigger and better printing machinery and stock, and to venture into other forms of printing.

Side hustles are a great way to achieve specific goals, but make sure you have a purpose for the extra money. Ask yourself which financial goal you want to achieve with that money and stick to it.

Do you want to:

• Pay off debt?
• Secure a child’s education?
• Or is this your luxury money?

Once you’ve decided, create a separate savings account for this, or a saving wallet that you allocate the money to so that you aren’t tempted to spend it on any other financial need.

Listen in and ask your questions on our dedicated social Twitter and Facebook pages, @CPMoneyMakeover