May 2025 Finance Newsletter: Pay Yourself First

One Money Move: Start the habit of saving before you spend. 

“It’s not your salary that makes you rich it’s your spending habits” 

One of the reasons for financial stress can be poor money habits. A simple yet powerful strategy is to get into the habit of "paying yourself first". This means setting aside savings before spending on anything else.  

Tip: The key is awareness. How are your habits influencing your financial health? Are you spending impulsively or saving consistently? Recognise the impact these choices have on your finances. 

For Michelle, money comes in and before she knows it, it's gone, and she ends up feeling like she is simply surviving!  In her first session with a financial coach, Michelle felt comfortable sharing that she is not always aware of what she is spending money on. By taking a closer look at her bank statements, she realised that by being more aware of her spending habits she can in fact afford to put R200 into a savings account at the start of every month. 

Dudu desperately needed new tyres for her car and ended up having to take out a payday loan.  This situation made her realise that she needed to focus on building up an “in case of emergency fund”. She met with a coach and identified a few poor spending habits, including that her monthly takeaways had become weekly takeaways! Now she has got into the habit of paying herself first. By putting money into a savings account as soon as she gets her salary, she is protecting herself against going into debt when unforeseen emergencies put a strain on her finances. She is steadily striving to prioritise herself and her financial future. 

Isaac is totally thriving. He already has an in case of emergency fund in place but would like to achieve a better return on the money he has saved.  By meeting with his financial coach, he fine-tuned his budget even further and realised that he should be having more regular check-ins with his financial adviser. 

Whether you relate to Michelle, Dudu or perhaps Isaac, your financial future starts with the habits you develop today.  By taking control of your habits and prioritising healthy financial habits like saving, you are making a positive move towards lasting financial health.