business

Dec. 29, 2021

OWN CORRESPONDENT

2 min read

Basotho advised to save money for rainy days

Basotho advised to save money for rainy days

Music festival in Lesotho

Story highlights

  • Accountant suggests side jobs to supplement poor salaries
  • Motorists advised to opt for smaller vehicles with relatively lower fuel consumption

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SEBEHELA Selepe, a Maseru Accountant and the Chief Internal Auditor at the National University of Lesotho (NUL), has warned Basotho to start saving their monies as the coming year could be tougher than this year.

He said as the year comes to an end, people should be aware that they are going towards toughest times in the New Year with no jobs, therefore urging them to save the little money they have.

“Parents also have to use that money to support their children who are from tertiary institutions but are still unemployed,” Mr Selepe said.

He further advised them not to depend on their monthly salaries as they are not enough, adding that they should adopt the habit of having side businesses to supplement their lowly salaries.

“They should have small businesses where they could sell sweets or snacks to bring in extra cash while at the same time ensuring that the side hassles do not interfere with their work,” he said.
He further advised them to cut on unnecessary expenses as they celebrate the end of the year.

He warned motorists who drive bigger vehicles to sell them and opt for smaller ones with relatively lower fuel consumption.
 

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“It is also imperative for people to prepare or plan for emergencies like death, ill-health and re-roofing of their homes in case their roofs are blown away by winds,” he said, adding that they should have insurances in order to avoid taking loans to pay for such emergencies.

He also appealed to the nation to be wise in their spending as many are likely to fall ill from COVID-19 related complications. LeNA

 

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