Salamina Mosese: I have learnt to be patient in times of need

Award winning actress, presenter & co-founder of Sorele Media and AzaTV Africa, Salamina Mosese, has been on TV since age 14. Juggling school and tertiary life, she also presented on shows such as Craze, Top class, Craze games, Hosannah and Top Billing. Salamina has a BA Degree in Corporate Communication and a postgraduate diploma in Business Management. She is married and has a daughter. In this interview, she talks to us about her money habits. 

In this economic climate, have you downsized your lifestyle at all?
I have cut down on the amount of shopping I do for clothes and accessories. I buy only stuff that is absolutely necessary, and no impulse buying for me. But I still go out for lunch with friends and do fun stuff that is not too expensive. Sometimes this requires planning. 

Do you ever worry about money? … about having enough? … about keeping what you have? 
Yes I do. All the time. I love to travel and am always seeking out new adventures. This costs money. So I am used to saving for the stuff that I really want. 

What are you doing to remain positive about your family's financial well-being during these tough times? 
Its about understanding the difference between being able to afford the basics and living beyond one's means. I have learnt to be patient in times of need, and shopping smart for stuff in the house. Its a balancing act, but I believe that money circulates, so what has gone out, will always come back. 

Do you and your husband share equal responsibility when it comes to your household finances? 
We had to become good at planning around our finances because we were freelance artists for the longest time. This sometimes mean we get a lot of cash, and then you go through dry spells where you are not getting paid. Managing finances well is key to survival. 

Out of all your responsibilities (bills, groceries, etc) , what do you find to be the most expensive nowadays? 
Food and clothes are so expensive. 

How do you save money when income from your kind of work is variable? 
I can't always put away the same amount of money away, but I always make sure that I put something away because every little counts. I throw it into an account that has a notice period, so that I don't tap into it, unless it is absolutely necessary. 

How did your childhood influence your attitude towards money? 
I was making money from when I was really young, and because my parents never wanted me to waste the money on frivolous things, I got into the habit of saving. 

How do you define financial independence? 
If you are able to stop working for over 6 months without missing out on bills and other financial obligations, then you are living relatively debt free. Not stressing about month to month survival is financial freedom. 

What is your number one financial priority right now? 

Our house and our daughters school fees. 

Have you ever been broke and how did you did deal with that period of your life? 
No I have never been broke, but when Backstage ended I had to sell an investment property that I had and I had to move into a smaller place, while I was looking for another job. Another time that was really difficult was a couple of years ago when one of the broadcasters wasn't able to pay producers, who in turn couldn't pay artists. This meant two months of not getting paid. Thankfully my bond could get paid, but I missed car payments and I ate at my Moms house for the month. 

Why do you think we so easily fall into debt these days? 
Cost of living is getting higher and higher, and sometimes the debt that we get ourselves into is unavoidable. Also we are the instant gratification generation, as a result we don't always make the best financial decisions. 

If you have the choice between buying a home or investing in shares, which would you choose and why? 
Since I already have a home, its important to us to pay it off, and save towards a bigger property. Shares are secondary to us at the moment. 

When you think of a comfortable retirement, what does that mean to you? 
It means never ever being a burden to my children. It also means being able to afford the best medical cover and knowing that the next generation is starting off better off than we did. 

What’s the worst money mistake you’ve ever made, if you’ve made any? What did you learn from it? 
I overthink big purchase decisions, and I tend to me more frugal than extravagant, so Ive never made a big money mistake. I did however lose over R11 000 trying my hand at forex trading. What it taught me is that sometimes you have to lose money to make money, and I will get better at it when I get back at it, I remember the rookie mistakes I made. 

What was the last item you regretted purchasing? 
A pair of high heels that look great but are so uncomfortable I cringe when I think of wearing them. They weren't too expensive though. 

Do you have a budget? Why? Why not? 
I try to stay as flexible as I can without going overboard. I know how much I need in my account at the end of every month, and I keep to this. 

How do you reconcile your spirituality with money? 
The two are very connected. I truly believe in the adage that God wants to prosper me, so I know and have always trusted that provision will come whenever I am in need. I also believe that it is blessed to give, and I free myself up to doing this. 

Has money ever been the source of an argument or misunderstanding with a loved one? 
Yes I once borrowed an ex a lot money when I was younger. It never came back and at the time it affected the relationship to the point where we could not move beyond it. 

What are your money tips for our readers? 
1. Don't live beyond your means- but also don't wait too long to spoil yourself every now and then! 
2. Get into the habit of saving. It teaches you more about self discipline than you would realise. 
3. If you didn't leave home planning to purchase something, chances are you don't really need it now!
4. If you are married or in a relationship where you are living together, talk about your finances and have financial goals that you want to achieve together; and make sure you have your own financial goals too and always discuss big purchases before they happen!

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