Minnie Dlamini is taking the South African entertainment and fashion world by storm as presenter, actress and ambassador of anything, from hair and clothing ranges to a campaign that teaches youngsters how to save. Dlamini tells Loni Prinsloo she does not mind splurging on shoes but still has a savings culture that she learned from her father, who was a financial adviser
Are there luxury items that you do not mind spending money on?
Yes, I like to call them my 'image investment pieces'. I spend on shoes and key fashion items.
What has been your biggest extravagance to date?
My collection of Christian Louboutin shoes.
What is the most important money lesson that you have learned in your life?
The importance of saving and investing.
What advice would you give youngsters when it comes to money?
The best advice is to learn to save a percentage of whatever money you receive. The earlier you adopt that habit the better.
Tell us a bit more about your campaign, 'teach children how to save' and why you think it is important for children to know how to save their money.
The campaign aims to foster a culture of saving among children. It promotes volunteer work, creates awareness about the value of money and promotes financial literacy while assisting learners to appreciate the power of choice. It's important that children start saving at an early age, even if it's in small amounts. By constantly saving every month their money grows in the early years. The earlier you start saving the less you need to put away each month in order to meet your goals. This means that you will have more money available to spend in your monthly budget. Young children need to be taught those lessons so that they can respect the value of having money and planning for it rather than spending it haphazardly.
Would you rather spend your money on a fancy car or a lavish holiday?
On a lavish holiday, of course. I love to travel and experience new people, cultures and places.
What car do you drive and why did you decide on this specific car?
I'm driving a Jeep. It's a mean machine; it's luxurious and classy - all things me!
Are you a spender or a saver?
I am definitely a saver. My father was a financial adviser and he instilled that in me from a very young age.
Do you invest your money?
I invest in property and also in my businesses.
Do you view a career in the South African entertainment industry to be a lucrative one?
If you approach it in a business-like manner and make the right business decisions, then yes, it can be very lucrative.
If you won the jackpot, what would you spend it on?
More property.
What has been your worst money decision to date?
Overspending socially with friends, to keep up a certain image.
Do you believe insurance is important, or just a gimmick to eat into your money?
It's important. The best example would be car insurance. Accidents happen all the time and they are sometimes out of your control. I insure everything. Call me paranoid.
Do you have a monthly budget and do you stick to it?
Yes I do. Budgeting is the best way to manage my finances. I see what comes in and what goes out. The best part is to see where the surplus or deficit is in order to plan ahead.
Have you ever been in serious money trouble?
When I first entered the industry I was earning very little and was living from pay cheque to pay cheque. It was very difficult. It was then that I realised the importance and value of drawing up and sticking to a budget.
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