Your financial plan should evolve with you

Life is a journey of distinct chapters, each with its own joys and financial demands. Just as our personal responsibilities shift from our first pay cheque to our retirement years, so too should our financial strategies.

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Melody Cloete

Understanding what to prioritise at each stage is key to building a secure and resilient future.

Build a foundation in your 20s.

For many young South Africans entering the workforce, financial independence comes with a host of new obligations: student debt, car repayments and the cost of living, so this decade is about mastering the basics.

"It's essential to understand that your income is your most valuable asset," says Melody Cloete, training specialist at Bidvest Life.

"It pays for everything else in your life. Protecting your ability to earn an income when illness or injury strikes should be your number one priority from your very first pay day."

Dedicate time to understanding your payslip, obtaining appropriate medical cover, creating a realistic budget, building an emergency fund and securing essential insurance.

Establishing these strong financial habits early on creates a solid foundation for the milestones to come.

Now expanding your horizons into your thirties.