Nomzamo Mbatha shares financial tips to help you survive as a creative

Actress and TV personality Nomzamo Mbatha has joined forces with African Bank. Mbatha, who has enjoyed international acclaim in Hollywood films and recently graced local TV screens in the hit series Shaka iLembe, will add her star power to the African Bank brand in a partnership that encompasses a brand ambassadorship and a commercial element, the launch of a special “Empower Her” account.

This will see the actress introduce her own branded products in the market and the creation and launch of a Nomzamo Mbatha Empower Her account. Though the account will not exclude men, it will unlock key benefits for women, such as a legal help desk for issues related to GBV, a health desk, investment opportunities and savings pockets for female entrepreneurs, and access to women empowerment events. 

We catch up with Mbatha on the new partnership and her financial tips to keep you savvy.

1. What has been the greatest financial lesson you’ve learnt?

Money that works for you (liquidity) is better than money sitting in your current account earning zero interest and making your balance look pretty. Interest is a delicious treat.

Another lesson I learnt is if you can’t buy three of something and stay financially healthy, maybe you can’t afford it. (This is for compulsive buyers who spend on big purchases).

2. African Bank's Empower Her account empowers women to seek financial security in case of emergency. What advice can you give to women who might be in environments or situations that are not healthy for them?

Managing your expenditures is important. Having money that serves as security for the long-term that incurs interest puts you in a better position rather than finding yourself spending on frivolous expenses. I ask myself, what am I willing to go without not to fall into the trap of touching my healthy savings?

Also, remember to manage your debt wisely. Spend a third of it to stay afloat. Have a goal in mind when it comes to your credit score. Prioritise the fixed monthly costs and manage credit spending. Regularly check your score to see how best you’re reaching your goal.

3. What are three financial lessons you’ve learnt as a leader in the creative space that have stuck with you?

My time is my money. How much am I willing to make? How much am I willing to forgo?

Find your value. If anyone comes below it, what are the opportunity costs? Rather I do it for free than to be paid 30% of my true value.

Return on investment. Is your value at the level of your commitment?

4. Social pressures to keep up appearances often burden a lot of young South Africans looking to put their best foot forward in different workspaces. What advice can you give about finding inexpensive ways to look the part as a young professional?

It is a complex social paradox I will try not to trivialise because it comes with many parts. Stay within your affordability space and remain agile there. There are so many ways to show up in a formidable way without compromising your values and finances. Do not buy the price tag. Buy the feeling.