18 October 2023 | 12 - 15 MIN read
The current economic climate in South Africa is undeniably challenging. Many find themselves grappling with financial uncertainties, unsure of where their money is going each month. It's a situation that resonates with a lot of us, and this is precisely why having a robust financial plan - essentially a roadmap - becomes a game-changer.
Financial planning becomes even more crucial when you're responsible for a family. It's not just about managing the present; it's about building a secure future for your loved ones. This involves:
This is where the Momentum Velocity Club advantage comes in. We have a team of expert financial advisers and consultants to partner with you on your journey.
Here are 10 practical steps to follow to set up a financial plan that will guide you forward and secure the best future for your family:
Identify short-term, mid-term, and long-term financial goals for your future and your family. This might include identifying what school you'd like your child to attend or a neighbourhood in which you'd like to buy a home.
Calculate your monthly income, list expenses, and examine debts to have a holistic view of your financial situation.
Allocate funds for necessities and set limits for discretionary spending. Empower yourself using our handy budget download to guide you.
Save the equivalent of 3 to 6 months' living expenses so you can cover those curveballs that life inevitably throws your way.
Prioritise high-interest debts and create a repayment plan. Think about your credit card and store cards.
Review and adjust life, disability and health cover as needed.
Explore investment options with your financial adviser based on your goals and risk tolerance. And don't miss our investing masterclass series with Momentum Investo CEO Stanley Gabriel.
Contribute regularly to a retirement fund and adjust as needed.
Investigate education savings options with your financial adviser that will allow you to cover schooling and tertiary education.
Schedule regular check-ins to review and adjust your financial plan.
All 10 steps are doable on your own, but wouldn't it be better to work with an adviser who will walk you through it all and create a personalised Money Plan? It's not just about knowing what to do; it's about having a team of experts by your side, guiding you through every phase of your journey.
By subscribing to Momentum Velocity Club, you will gain access to a personalised Money Plan - a roadmap built around your life, goals, family's aspirations and current financial situation.
Your family's financial freedom is within reach. Let us help you achieve the goals you have for your family - book your FREE 45-minute session with one of our expert financial consultants today. Let's create a roadmap that turns your family's dreams into achievable goals.
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