The winner of the 2023 Money Makeover Challenge has been chosen.

The 2023 Absa City Press Money Makeover boot camp has come to an end and once again, all of our candidates have shown what is possible in just six months.

They are proof that the power to change your financial circumstances lies within you and that you do not have to wait for some ‘miracle’ to achieve financial freedom.

In this final edition of Money Makeover for this year, we recap our six contestants’ journeys. We hope that it inspires you to create your own financial freedom plan.

Winner: Johan

Johan was chosen as the winner of the 2023 Money Makeover Challenge.

Like most South Africans, Johan is behind on his retirement planning. He will be 65 years old in seven years’ time, which does not leave a lot of time to get his finances in order.

When Johan applied for the Money Makeover boot camp, a large chunk of his salary went to debt repayments. He could not achieve his goal of being debt free by retirement unless he took the drastic step of debt review.

What Johan achieved in six months:

• Reduced debt by more than R85 000;
• Built up a R42 000 emergency fund;
• Household went from a budget deficit of R1 183 to a surplus of R4 176;
• Increased company pension contributions by 5%; and
• Increased other retirement savings by R3 000 monthly.

Listen to our chat with Johan and his Absa financial adviser to find out more about how he managed to achieve such a complete turnaround in his financial situation.

Runner-up: Zihle

Zihle found herself the main breadwinner when her mother passed away. She turned to credit to make ends meet so she could provide for her two sisters. Zihle believed she could fix her financial situation with time by taking out a small loan at first, but then the debt just got bigger and bigger.

Not only did Zihle pay off her debt and take control of her finances, she also experienced a transformation in the way she saw herself.

Through the work she did in the last six months, Zihle now has a financial system in place. This has allowed her to concentrate on her future and work towards her own goals.

What Zihle achieved in six months:

• Reduced debt by more than R23 000;
• Increased pension contributions from 7% to 10%; and
• Taught her sisters about money management.

Special prize: Sello

Sello had established a start-up business to manufacture eco-friendly straws for restaurants and retailers. He had taken out personal loans to start the business, which he has been funding from his salary.

Sello received the City Press Special Award for his commitment to the 2023 Money Makeover Challenge, for his high level of engagement and communication during the last six months, as well as the most improved credit score.

What Sello achieved in six months:

• Paid off more than R20 000 in debt;
• Increased credit score by 64 points;
• Created a will and estate plan for his family; and
• Opened a retirement annuity.

If you missed any of this year’s Money Makeover chapters, you can still look back on the full journey of our 2023 contestants.