Online Budget - Black diamonds hate budgeting

The verdict is out, the so called black diamonds hate budgeting, I wonder how they plan their finances which are more complicated than the average small business.

Black diamonds are categorised as black South Africans who earn a minimum salary of R7,000 per month, by this definition the author of this article is also a black diamond, even though I always try to shy away from being included in this group, most of the people in this group are young, degreed and living a lavish lifestyle way beyond their salaries. I think this definition should include this extra requirement: they should be able to have a budget surplus of at least R1,400 which is 20% of R7,000 in order to qualify.

Household income to debt ratio is currently estimated at an alarming rate of more than 70%, that means for every R1 an average South African earns 70c is going to service debt, that's not including normal living exepenses like food, petrol, housekeeping etc.

It makes economic sense for concerned groups to educate this group to start managing their finances using a budget or else everyone will suffer. Please help this course by inviting your friends to register and manage their finances online.

Most people who are registered users on this website are mostly whites. Most black diamonds which I interviewed blamed the bantu education system for their financial mismanagement, I wonder if they are really doing something to change the situation for the better, or at least help their kids with basic financial management tips.

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Nthuseni Carter - Rathogwa said:

Thanks to Khoro for this wonderful and life saving tool. This is what I call educating the nation!
posted on Tuesday, 06 July 2010, 13:38:00

koen said:

Well since started using these bugdet online my finance is healing up slowly and sure.

But am still worried about bank charges cant really keep up with all charges especially on my debit order cos i minimized withdrawing cash.

Thanks for all articles pasted on the site
posted on Thursday, 29 January 2009, 10:28:00

Thomas said:

Hi Thembi,

Good to know that you are getting out of the debt trap and have only yourself to blame for getting yourself into it in the first place.

I have also being there before, I know how it feels to be in serious debt.

Now I can safely answer those private calls without any fear.

I was lucky to get out at an early age and see it fit to create this website so that it can help people with the most important step in debt management, budgeting.

Keep up the good work, and preach the same gospel to your friends and relatives, I do it all the time wihout fear of rejection.

Happy budgeting

posted on Tuesday, 09 December 2008, 14:12:00

Thembi said:

hi, I am on my way to financial freedom after allowing myself to be in debt trap for a year, i have learnt my lesseon and i am not going to blame bantu eduaction beacuse i believe that common sense in found in books. We all need to learn that instant self gratification will not help us at all.
posted on Monday, 08 December 2008, 10:45:00

Patrick said:

Hi Xolani,

Compulsive shopping is a major cause of not sticking to a bugdet.

Everytime you make a purchase you must try to include that expense into your budget and see if it will do any damage to your budget, and if it does, don't buy.

Don't forget to include all your expenses, I mean all of them to the last R5 weekly you use to buy a lotto ticket. Just my 2 cents.
posted on Friday, 24 October 2008, 07:54:00

Xolani said:

I do have a budget the problem is to stick to it,please advise
posted on Thursday, 23 October 2008, 14:10:00

Frank said:

Where can I buy this book?
posted on Wednesday, 08 October 2008, 06:56:00

Noble said:

I am a black diamond who fortunately has substantial financial IQ. If you're struggling in debt please read a very simple ancient book with timeless principles on money management. It is called The Richest Man in Babylon (George Classon). It will help you out of debt and help you make more money...
posted on Tuesday, 07 October 2008, 16:11:00

Tyron said:

This is shocking. Maybe that's the reason why the household debt to income ratio is increasing at a faster rate, because the number of black diamonds are also increasing at a faster rate.
posted on Friday, 26 September 2008, 12:28:00

Thomas said:

Hi Steven,

The main aim of this website is to stay away from complicated spreadsheet templates.

Templates are complicated to use, that's why we designed this software so that you can focus on managing your finances, not how to use calculators or Microsoft Excel templates.

Please register and create a budget, tell us if you experience any problems during the process, we will gladly help.

Happy budgeting,

www.OnlineBudget.co.za
Support Team
posted on Wednesday, 17 September 2008, 09:04:00

Steven said:

Good Day, I wonder who can help. I am always battling with budgeting. I am looking for a template/ s to help me budget or any website where I can find sample budget. However, I am not sure if this is the right platform to address my problem. Please advise!
posted on Wednesday, 17 September 2008, 08:07:00

Derrick said:

That is so true, it's high time black diamonds live up to their name and start budgeting.

You can't spend without a plan.
posted on Monday, 08 September 2008, 14:41:00