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Financial planning



If I budgeted I could've bought...

Do you find yourself in the same situation?

We know that budgeting sounds complicated and a little intimidating but a budget is simply a plan that helps you see how much money you get every month, where it is spent and how much you plan to save.


Know what you can afford

These five easy steps will get you started in drawing up a budget:

Distinguish between your needs and your wants.

List your sources of income.

List your expenses, including what you need to save.

Subtract your expenses from your income to see what you have left.

Keep track of your monthly expenses by updating your budget regularly.

Distinguish between your

needs &

  • Each person's needs and wants are different. An accountant needs a laptop, but for many people, it would be something they want to have.
  • Needs are things that you cannot do without. These generally include food, water, housing and basic clothing.
  • Wants are those things that we would like to have, or that are nice to have, but we do not need them to survive. They are often called luxuries and include cigarettes, alcohol, sweets, a new cellphone and a new bedroom suite.
  • To set up an accurate budget be honest about what you really need and what you want.

What is your monthly


Income is any money you receive on a regular basis. You might earn income from various sources including: salary or wages, a social government grant, stipends, allowances (from family or friends) or child maintenance. Income also includes money from a business where you sell items, money received from renting out a room or running a guest house.

It can also be money received from offering a service like baking, sewing, looking after children, braiding people's hair or offering a taxi service.


Fixed expenses

The amount you pay does not change frequently and payments are made regularly (e.g. monthly) including rent or bond repayments, school fees, insurance premiums and car repayments.


Variable expenses

Expenses you pay every month but they
change depending on your usage, for
example: airtime/data, electricity, water, groceries, public transport or fuel for your vehicle.



Saving is essential and should always be listed on your budget as an expense. If you wait to see what is left at the end of the month, you will not save anything. Saving also ensures you are prepared for life's emergencies.


Tips to reach your


  • When you need to cut down on certain expenses, it is usually easier to cut down on variable expenses, especially variable wants.
  • Budgeting isn't a once-off activity, you should revisit your budget regularly as your income or expenses change.
  • Prioritise saving in your budget by listing it as a fixed expense. Savings often get lost in the overall budgeting process simply because of overspending.
  • Focus on keeping within your budget. By managing your expenses you reduce the likelihood of your expenses exceeding your income. By keeping track of where your money is going you can get back on track as soon as possible, if you do go over budget.