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Cape Town – Reality was no laughing matter for a family that decided to spend its monthly income using only R1 coins in July, when the cash was dramatically dumped on their living room floor this week.
They are the One Rand Family, who taking part in Sanlam’s Savings Month experiment; a year after the One Rand Man got South Africans piqued with his similar stunt.
WATCH: The family receives their salary in R1 coins
The family lives in an upmarket home bought late last year and, on the surface, life is great. But they suspect they are living beyond their means.
According to City Press personal finance journalist Maya Fisher-French, the family’s suspicion isn’t far off.
“The family has no contingency budget and is spending a huge amount on depreciating assets – for example, their cars,” Fischer-French said.
WATCH: Maya Fisher-French shares her insights
With their online banking blocked, their bank, credit and store cards safely locked up, and their salaries lying in a massive heap of coins on the floor, it remains to be seen how dealing with one rand coins will impact on the family’s attitude towards money.
* Watch the family’s adventure unfold at www.onerandfamily.co.za
