- Financial hygiene involves planning for unforeseen events like death and illness.
- Mbali Nhlapho advises housekeepers to budget and avoid clothing store credit.
- She says setting aside a leisure budget to enjoy is important too.
They are experts in keeping the abode in tip top shape. Housekeepers make up the backbone of South Africa’s society.
More than a million citizens are employed as domestic workers and with the industry quickly becoming digitised and made easier for clients to get connected with a housekeeper on a case-by-case basis, it’s all the more important for them to manage their finances effectively.
One could even call it financial hygiene.
The concept of hygiene is one that can totally apply to financial security and peace of mind – incorporating everything from financial planning to life cover.
“It’s important … to build partnerships and have a presence in platforms that empower everyday South Africans, such as housekeepers, to manage their insurance so they can ultimately manage their finances effectively. Yes, housekeeping is their daily job but they also have to learn as much as possible about insurance housekeeping,” explains Queen Malobane, Metropolitan’s provincial general manager.
Queen and Mbali Nhlapho - beloved cleaning content creator, author and the driving force behind her cleaning company Sisters @ Work - gave TRUELOVE some insightful tips on how housekeepers can make sure that they keep their finances top of mind.
1. Planning is the way to go
Whoever first coined the phrase ‘if you fail to plan, you plan to fail’ couldn’t have been more accurate.
Many housekeepers are either single mothers or have more than one dependent and, very often, these women or men work far from home, making financial planning especially critical.
From sitting down to do your monthly budget to saving for trips back home or non-negotiables like your children's education, every step counts towards securing a stable financial future.
Mbali explains just important it is to plan for unplanned events like death, illness or injury, “because as we all know we need to have a sense of security in terms of unforeseen events that happen in our lives.
“Being insured helps to ease the burden of paying a lot of money should you encounter unplanned situations. Therefore, it is eminent for me and housekeepers in general to practice insurance hygiene.”
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2. Consistent saving, come rain or sunshine
Saving for just a rainy day isn’t the vibe anymore. Planning for retirement early will give you the peace of mind you need knowing that the day you decide to hang up the apron, you and your loved ones will be sorted.
“Starting small today can pave the way for a comfortable retirement tomorrow,” Queen says.
“How much you stash away depends on the kind of life you envision for yourself down the road and the unique needs of you and your family as you age. Gone are the days when women worked until their knees collapsed just because they were the only breadwinners in the house and there was a lack of education on retirement planning.”
Drafting a will, being covered with life insurance, funeral plans and disability insurance are all policies that ensure that your loved ones are shielded from financial burdens should the worst happen.
3. Grow your money through investing and budgeting
After the debit orders and bills have regrettably made a dent in your account, what you do with the money you have left can make or break your financial situation.
Mbali gives some tips on how domestic workers can stretch their monthly salary.
“Housekeepers can save money by drawing up a budget and spending money on what they need most. They should invest what is left of their salary in banking institutions so they can grow it based on the agreed percentage.
“They need to avoid debt [at] all costs and refrain from opening clothing accounts because the interest charged is a lot and they must always avoid overspending on thing they do not need.”
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4. A little me time is still needed
As much as saving and investing is important to keep your money growing, a little gratification is needed to stay grounded and enjoy life’s little pleasures.
“After paying all the bills they have they need to put a good amount of money into their personal savings, it doesn't have to be a lot, but a decent amount should do,” Mbali advises.
“When the savings part is done, they can go out with their families because they also need to be appreciated sometimes and nothing beats spending time with your family at the end of a very long month.”
