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'Black tax, they call it': Bafuze Yabo talks finances

Aug 03 2019 12:59
Sinesipho Tom

Just as the various government departments are allocated budgets, individuals must manage their money too. ANC Member of Parliament Bafuze Yabo talks us through how he saves (and when he doesn't).  

What is the best saving advice that you ever received? And from whom?

I was told to save at least 10% of my income for rainy days. I just can't remember who said that to me.

Do you make financial New Year resolutions and do you stick to them?

I have never really made New Year's resolutions about money. I deal with money issues as and when I am confronted by them. To me, money decisions are daily decisions.

What is your worst money habit?

Impulsive spending. I spend on things I think I need.

Member of parliament

Are you saving for anything specific at the moment?

Yes, I am saving for a renovation project at my folks' house. Black tax, they call it.

What is the one outlandish purchase you regret?

Just one!? There are too many to count. Impulse.

If you’re on a tight budget, what is the one thing you always splurge on?

Petrol.

black tax  |  savings  |  finances
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