Tips to be savvy with money

Building resilience is ajourney that involves strategies beyond just budgeting.

- Jean van Biljon

In times of change, uncertainty, or economic instability, financial resilience becomes one of the most valuable assets.

The ability to weather financial storms, adapt to new circumstances, and feel secure about the future doesn't come solely from how much wealth one has accumulated—it stems from financial habits, preparation, and a mindset geared toward sustainable stability.

Sanlam recently released the findings of the second Sanlam Financial Confidence Index (FCI) in which financial resilience is one of three key components in defining financial confidence.

Here's how you can cultivate resilience to protect what you've built, regardless of what the future brings:

Diversify your financial portfolio

One of the primary strategies to build resilience is through a diversified financial portfolio. The traditional "don't put all your eggs in one basket" approach is especially relevant here. A diverse portfolio, including stocks, bonds, cash, and perhaps alternative investments, can help mitigate risks and stabilize your finances during market downturns.

By spreading investments across different asset classes, you create a financial buffer that can absorb losses in one area while benefiting from gains in another. Regularly reviewing and adjusting your portfolio based on your risk tolerance and market trends is key to maintaining this balance.