NEWS
GROWING up, Bongiwe Paruka (27) endured a difficult childhood, an experience that pushed her to prioritise saving and long-term investment from an early age.
Paruka believes that saving in today’s world is no longer optional but essential. She explained that life is unpredictable: people commute daily, survive road accidents and face illnesses that come without warning. Because of this, she says, everyone needs to have something put aside so that when the unexpected happens, they can handle it without panic or relying on donations.
Her own savings plan includes insurance cover in the event of death. “I am avoiding a situation where people have to donate towards my funeral,” she said. “I always want to plan ahead and secure my future. Whether I die or live, I want to be sorted.” Paruka’s profit investment policy, which she holds with Eswatini Royal Insurance Corporation (ESRIC), matures in 15 years. She is already considering opening additional policies on top of her current investment.
Her policy is an endowment with profits, meaning it does not offer cash-back during the term. Instead, she expects to receive her full investment plus profits when it matures. What she does with the funds will depend on her situation at that time; she may choose to reinvest, start a business, or pursue a larger financial goal. The investment is set to mature when she turns 40.
Paruka’s commitment to financial planning is deeply rooted in her upbringing. She lost her mother while she was in Grade VI, and her father passed away when she was in Form III. With both parents gone, she had to fight against the odds just to survive. She recalls living in a hostile environment with nowhere to call home, and being taken in by an adoptive family where she had to adjust to a new way of life, including waking up at dawn to fetch water just to earn acceptance, food and education.
Given these hardships, Paruka says she could easily have given up or taken a different path. “At the back of my mind, I always told myself that I don’t want my children to grow up like I did,” she said. She believes her parents did not leave anything to support her and her siblings, and this motivated her to ensure her own children never face similar struggles. Her decision to save, she emphasised, is driven by the understanding that life is uncertain and preparation is key.
When asked how she manages to save as a young person, especially with the pressure to work, earn and spend, Paruka had a simple response: “Enjoyment is temporary.”