Five Things We Learned From Episode One Of The Agenda Women Money Dates In Partnership With Nedbank

First of all, if you haven’t subscribed to our Youtube channel, this is your reminder to go subscribe now so you can go and watch the first episode of Money Dates, and if you’ve subscribed we would love to hear your thoughts and takeaways on the conversation in the comments section below. This is a conversation for every young person like me, who is making a lot of mistakes and is seeking advice on how to mitigate similar mistakes, and avoid those mistakes having a negative impact on the future I am trying to build. It’s a conversation for every young woman saying I want to start building financial freedom and literacy NOW, but it’s also for the older tribe members, an opportunity for you to reflect on the mistakes you made when you were younger, how they affected you later in life. It is a conversation for you to go back to your goals, and your vision and re-evaluate if you are still on the right path.

The first installment of  Money Dates delves into crucial aspects of financial literacy, introducing me to new themes like  intention-action gap, shared personal stories by some of the guests on the importance of money journaling, setting financial goals, setting boundaries, and understanding credit, and trust me when I say, I had to let out a few deep sighs while watching because they were definitely talking to me. This reflection on the episode aims to provide some insight on a few lessons that we picked up from each of the panelists in the conversation: Zodwa Ngcamu who is a financial expert, Amukelani Hlungwane who is a behavioral expert and a member of the tribe, Lesego Scott who you might remember from last year’s Summit. This lady brought us to tears there, and she definitely dropped some gems in this conversation. 

Here are some insights from each panelist that stood out for me and forced me into the uncomfortable space of introspection and basically ‘calling myself out’ on some of my bad habits:

Insights I took from Zodwa: 

In the conversation, Zodwa reflects on her journey as a young woman from a rural background who qualified for a clothing account for the first time, maxed it out and did not honor the payment promise, and later found out that there are consequences to taking credit and not paying it back, especially if you plan to work in the finance industry. Here’s what I took away from Zodwa’s story:

1. UNDERSTANDING CREDIT : BUILDING A STRONG FINANCIAL FOUNDATION

Credit plays a pivotal role in financial health, yet many young women, including myself may not fully understand its impact. Here are a few things you should consider when thinking about credit.

Credit Scores : Understanding what a credit score is and how it's calculated helps in maintaining a good score, and most importantly, understanding how all those accounts affect your credit score.

Responsible Use : Using credit responsibly involves timely bill payments, keeping credit utilization low, and monitoring credit reports regularly.

Building Credit : For those new to credit, starting with a secured credit card or becoming an authorized user on a trusted account can help build credit history. But remember to ensure that you can afford to pay back that credit. Honestly, I am still scared of credit cards till this day.

Some gems dropped by Amu:

As a behavioral expert, Amu unpacked the effects of psychology on our financial decision making, and planning. How we need to understand our triggers and things that motivate us to know what emotion or thought we may sometimes need to tap into to get ourselves to that goal. Here’s what I took away from some of what she shared: 

1. MONEY JOURNALING: A TOOL FOR FINANCIAL CLARITY

Money journaling emerged as a powerful practice in the discussion. By maintaining a money journal, you can track your income, expenses, and financial habits. This practice offers several benefits:

Awareness : Recording financial transactions fosters a heightened awareness of spending patterns.

Reflection : Regularly reviewing journal entries helps identify areas for improvement and celebrate financial wins.

Mindfulness : Money journaling encourages a mindful approach to money, reducing impulsive spending and fostering intentional saving.

2. THE INTENTION-ACTION GAP: UNDERSTANDING AND OVERCOMING IT

The intention-action gap is a phenomenon where our intentions do not always translate into actions. For many working women, especially those just starting their careers, this gap can be a significant barrier to financial success. The episode highlights a few strategies to bridge this gap:

Clarity and Commitment : Clearly defining financial goals and committing to specific actions can help transform intentions into reality.

Accountability Partners : Sharing goals with a trusted friend or mentor can provide the necessary support and motivation.

Incremental Steps : Breaking down larger financial objectives into smaller, manageable tasks makes it easier to take consistent action.

3. SETTING FINANCIAL GOALS: THE ROADMAP TO SUCCESS

Setting clear, achievable financial goals is fundamental to financial empowerment. Here are a few hacks that you can try or implement in your goal setting;

SMART Goals : Goals should be Specific, Measurable, Achievable, Relevant, and Time-bound.

Vision Boards : Visual representations of goals can serve as constant reminders and motivation.

Regular Reviews : Periodically reviewing and adjusting goals ensures they remain aligned with changing circumstances and priorities.

Key takeaways from a member of the Tribe: 

Lesego mentioned Black tax and how as young people we struggle with saying no, or better yet understanding that sometimes we honestly can’t help, and we feel a lot of mixed emotions, especially guilt when our family asks for help and we think of saying no. She hit a nerve. But hearing someone else talk about it made me reflect and re-assess a few things. Here’s my take away:

1. SETTING BOUNDARIES: PROTECTING YOUR FINANCIAL WELL-BEING

Establishing boundaries around money is essential for maintaining financial health and personal relationships. The conversation emphasizes:

Saying No : Learning to say no to financial demands that compromise personal goals is crucial.

Financial Independence : Striving for financial independence reduces reliance on others and enhances decision-making power.

Healthy Conversations : Open, honest conversations about money with family, friends, and partners help set clear expectations and prevent misunderstandings.

By addressing the intention-action gap, embracing money journaling, setting clear financial goals, establishing boundaries, and understanding credit, we can empower ourselves as young professionals, and the older ‘youth’,  to achieve financial success and independence. I personally felt like this particular conversation was a wake up call for me, a lighthearted yet impactful conversation. I hope you enjoy it. 


Don’t forget to subscribe to our YouTube channel for upcoming Money Dates, or check out this article on Everything You Need To Know About Money Dates for all questions on the what, why, and how of the program.

WorkNomndeni Mdakhi