How our contestants will use their incentive prizes

We are at the halfway point of the 2023 Money Makeover Challenge, and the six candidates were rewarded for their efforts, and for sticking to their plans, with a cash incentive from Absa.

In these videos, the Class of 2023 share how they will use their first incentive to boost their individual money journeys.

Zipho-Zihle

Zihle says it feels like Christmas has arrived early this year. She will be using her incentive to pay off one of her smaller debts, using the ‘snowball method’. This will give her a boost to keep on track towards becoming debt free.

Sello

Sello is "declaring war on debt" and said "there is always the temptation when you get some money to spend it" but by using it to pay off a debt, Sello will be taking steps forward in his war against debt.

Raymond

Raymond will be using his incentive prize to better equip his restaurant, which should help him to generate more revenue. He is making this money work hard for himself and his small business.

Molefi

Molefi is taking a balanced approach and will use half of his incentive towards his low-risk portfolio, to boost his home deposit fund and the rest towards his longer-term ‘riskier’ portfolio.

Mlibokazi

Mlibokazi will be boosting her emergency savings fund with her first incentive so that she does not need to access any credit in case of an emergency.

Johan

Johan will also be using his incentive towards his emergency savings, to build up a buffer and provide for a safety net, which will give him peace of mind.

Find out more about the contestants and their advisers here:

Meet the 2023 contestants

Meet the 2023 advisers

If you really want to get your finances in order, you have to start tracking your spending. If you cannot commit to that, it is unlikely you will be able to reach your goals.

City Press will follow the candidates’ progress on the first and third week of each month, as well as online on the Money Makeover page:

Follow the journey – and join in – @CPMoneyMakeover and #CPMoneyMakeover on Facebook and Twitter

Absa Enterprise Development assists SMEs with access to business development support, markets access and access to funding based on certain criteria’s being met. For further information on Absa Enterprise Development you can email ed@absa.africa

You can follow the story on social media #CPMoneyMakeover