January 2025 Finance Newsletter: Check In on Your Financial Well-Being and Check Out Your Payslip

One Money Move: Decode your payslip – understand your income and benefits.

As the new year begins, it’s time to empower yourself by taking ownership of your financial well-being. Start by asking: Are you simply surviving, steadily striving, or totally thriving?

• Simply Surviving: If you're struggling financially and feeling overwhelmed, it might feel like your month is too long for your money. A financial coach can help you create a plan to improve your financial well-being.

• Steadily Striving: You're making progress but still have work to do. Engaging with a financial coach can help you reach your financial goals.

• Totally Thriving: You feel in control of your finances but recognise there’s always room for improvement. You aim to elevate your financial health.

January can be tough, often dubbed "Januworry," as we count the days until the next pay cheque after the festive overspending in December. With approximately 11 million South Africans receiving payslips monthly, understanding yours is crucial.

Decoding Your Payslip:

• Start with Gross Income.

• Review Deductions: Common deductions include PAYE, UIF, retirement fund contributions, medical aid, garnishee orders, and union fees. Are you informed about your employee benefits?

• Examine Net Income: This is the amount that will actually arrive in your bank account.

Consider Joe, who was simply surviving until his financial coach explained his payslip and highlighted his employee benefits. Through coaching, he reduced his monthly expenses, freeing up his income for essentials.

Mary returned from maternity leave, and while striving to budget better, her coach also reminded her of updating beneficiary nominations and drafting her will.

John, with two years until retirement, boosted his retirement contributions after reviewing his payslip and his coach highlighting the tax benefits when contributing to retirement.

So, whether you’re surviving, striving, or thriving, your financial coach can help you. Start reaching out to your financial well-being program and make a money move that improves your financial health. Take control and OWN your financial well-being today!