Financial prep for 2025 | South Africa

Hi, in this video I discuss what we can do to financially prepare for 2025.

The beauty about the a new year is that you can start over on your financial goals, you can reset and take the new year as an opportunity to do it again

1. Assess Your Current Financial Situation

A clear picture of your income, expenses, debts, and savings will provide a foundation for realistic goal-setting.

2. Set SMART Financial Goals

you need to create SMART goals—Specific, Measurable, Achievable, Relevant, and Time-bound

3. Prioritise Your Goals

Emergency fund first: If you don’t already have an emergency fund with 3-6 months’ worth of living expenses, prioritize this goal first. An emergency fund will protect you from financial shocks like job loss or unexpected medical expenses.

Pay off debt: If you’re carrying high-interest debt, like credit card or retail card debt, tackle these next. Paying off high-interest debt can free up money in your budget and reduce stress.

4. Create a Detailed Budget

List all sources of income: Include your salary, side hustle earnings, investment income, and any other cash inflows.
Break down your expenses: Categorise your spending into fixed costs (rent/bond, transportation, debt payments) and variable expenses (groceries, entertainment, shopping).

5. Cut Unnecessary Expenses
6. Track Your Progress Regularly
8. Be Flexible and Adapt


thanks