As a parent, you want the best for your children and are willing to do anything to give them the brightest future possible. However, managing finances as a single parent can be tricky. It can be difficult to balance immediate home expenses and the future education of your children.
Duwanye Maraitjies was raised by a single parent. With the everyday expenses of running a household of five, including having three children in high school and the cost of textbooks and extras, Duwayne’s mother had to seek financial assistance. She was granted a loan from DirectAxis to give Duwayne the chance to go to university to become a teacher.
“I can see how my mother’s decision to apply for financial assistance impacted my life and how it will set me up for a bright and secure future, both financially and career-wise,” says Duwayne.
Here he shares four major lessons he learned from the experience:
Only Seek Financial Assistance When It’s Necessary
Taking out a loan for unnecessary wants is never a good idea, but in Duwayne’s case, the loan gave him something incredibly important: a good education and opportunity for a brighter future.
“It’s important to differentiate your needs from your wants, to understand that taking out a loan requires you to think about things from a long-term perspective,” says Duwayne. “Investing in education or buying a house can improve your overall quality of life and can help you to build a better future.”
Get Financially Disciplined
Paying your loan back on time helps improve your credit rating and spending behaviour, and helps you manage your finances better overall. When you are financially disciplined, your children can learn from your actions.
Save Where You Can
In Duwayne’s mother’s case, saving was difficult due to the expenses necessary to keep her family afloat. “I learned the importance of setting aside money for future expenses, “says Duwayne. “You have to start saving now. A financial back-up not only gives you confidence for the future, but it secures you financially.”
Create a Budget
A budget provides you with a clear blueprint for what you spend your money on and allows you to be aware of any financial adjustments you may need to make. It might seem obvious, but it’s the first step towards understanding where your money goes every month.
“Work hard and persevere to take advantage of the opportunities you’re given. This is especially true for those whose parents have made plans to help their children become the people they want to be, with the right qualifications to get them there”, says Duwayne. “My ultimate dream is to become an educational and school psychologist because I love helping children and the next generation. I have no doubt I’ll get there – even if I have to ask for help.”
If you need a stepping stone towards reaching your personal goals, to find out how to speak to your kids about money, or to learn more about how we can help with a personal loan, DirectAxis is here for you.
Get in touch with us today to find out how we can help you build your better tomorrow, together.