What if making small, thought-ful choices today could empower you take charge of your finances and start living the life of your dreams?
Understanding money isn’t always as simple as it seems. The latest Momentum/Unisa Household Financial Wellness Index reveals that only 15% of South African households are financially literate, even though nearly half believe they have a solid grasp on their finances.
According to Esther Devar, financial adviser at Momentum Financial Planning, financial secu-rity isn’t just about having money; it’s about living debt-free, building savings, and making conscious choices to achieve the goals instead of your bank balance.
“Knowing that making money can feel overwhelming with rising prices and an uncertain econ-omy. But to be financially free, you need to eliminate debt, save for the future, and make smart investments. Your investment plan should be aligned with your goals and how much risk you’re comfort-able taking. Whether you’re saving for a home, your child’s education, or retirement, it’s important to start early and stay focused,” Devar says.
Despite the desire for financial freedom, many people struggle with common mistakes that keep them from achieving it. Devar looks at the most common finan-cial mistakes and how you can avoid them:
Knowing enough about money: Many people don’t take the time to learn about managing their finances. Start by reading, taking courses, or consulting with a financial adviser.Avoiding financial responsibility: Some prefer to live in the moment rather than plan for the future. Developing financial discipline and long-term thinking will pay off in the end.Spending on wants, not needs: Prioritising luxuries over clearing debt can cost you more. Focus on paying off debt first.Tracking spending: Without a budget, it’s eas...
Understanding money isn’t always as simple as it seems. The latest Momentum/Unisa Household Financial Wellness Index reveals that only 15% of South African households are financially literate, even though nearly half believe they have a solid grasp on their finances.
According to Esther Devar, financial adviser at Momentum Financial Planning, financial secu-rity isn’t just about having money; it’s about living debt-free, building savings, and making conscious choices to achieve the goals instead of your bank balance.
“Knowing that making money can feel overwhelming with rising prices and an uncertain econ-omy. But to be financially free, you need to eliminate debt, save for the future, and make smart investments. Your investment plan should be aligned with your goals and how much risk you’re comfort-able taking. Whether you’re saving for a home, your child’s education, or retirement, it’s important to start early and stay focused,” Devar says.
Despite the desire for financial freedom, many people struggle with common mistakes that keep them from achieving it. Devar looks at the most common finan-cial mistakes and how you can avoid them:
Knowing enough about money: Many people don’t take the time to learn about managing their finances. Start by reading, taking courses, or consulting with a financial adviser.Avoiding financial responsibility: Some prefer to live in the moment rather than plan for the future. Developing financial discipline and long-term thinking will pay off in the end.Spending on wants, not needs: Prioritising luxuries over clearing debt can cost you more. Focus on paying off debt first.Tracking spending: Without a budget, it’s eas...
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The Mercury (Digital) - 1 Issue, March 28, 2025