In this podcast, Maya (@mayaonmoney) speaks to Ntombi Dube, a remarkable woman who paid off a mountain of debt ‒ R700 000 of it, to be precise.

In a recent survey, a debt counselling firm asked financially stressed South Africans: “Why have you not done something to alleviate your money stress?” Nearly 40% of people responded that they “feel stuck”.

When faced with what appears to be an overwhelming problem, we tend to shut down. It’s easier to simply stick your head in the sand rather than confronting the problem head-on. But this obviously doesn’t solve the problem.

Over the years I have engaged with so many readers around their finances. I have been involved in the City Press Money Makeover Challenge where we take people through a money bootcamp.

This is what I know from these experiences as well as my own experience of managing a financial crisis: yes, clearing that mountain of debt does require discipline and action, but what people don’t realise is how quickly your circumstances change when you do take action.

Chipping away at that mountain of debt

Ntombi is one of the Money Mentors working with The Money Mentors programme, and I wanted her to share her story with you to give you some inspiration if you are feeling a bit stuck.

As Ntombi explains, it all starts with a careful look at where your money is going, rather than focusing on earning more money.

If you want a first step, take out a piece of paper and a pen and start writing down what you are spending you money on. Look at your bank statements: how much are you paying in fees and debt repayments? Are there debit orders going off your accounts for things you don’t really need? How can you use this “lazy” money to target debt repayments?

The next step is not to let pride stop you from achieving financial freedom. In Ntombi’s case this meant selling her home and moving back in with her parents for six months, as well as selling her car.

But as she says, it was all worth it to clear that awful mountain of debt.