Adapting Financial Plans For Covid-19 Lockdown

Follow six ordinary South Africans as they take up the Absa/City Press Money Makeover Challenge and undergo a money makeover boot camp for six months. Each candidate has been allocated their own Absa financial adviser. Personal finance expert Maya Fisher-French touched base with contestants to see how they adjusted their plans amid the lockdown

- Maya Fisher-French

For our Money Makeover candidates, the Covid-19 lockdown has been an unexpected obstacle on their journey to financial freedom. Colen is worried about his investment properties, while Mishack has lost out on overtime pay and Bellah’s construction business has ground to a halt. However, Nono and Catherien’s side gigs have turned into winners.

Consultant Peter’s wife is a speech therapist but as she’s unable to see clients, she won't be earning an income. This has come as a blow to the couple who had for the first time in years managed to live within their budget.

MANAGING TENANTS AS A LANDLORD

Area manager and property investor Colen has significant debt on his investment properties. Many tenants are university students which is a concern if the universities don’t reopen.

Around 70% have paid their rent and others have assured Colen payment will be made at the end of lockdown. Colen is prepared for a one-month rental holiday which can be repaid once the students receive their NSFAS grants.

“For the working tenants I’m prepared to make a plan rather than losing them as my tenants,” he says.