Whether you are new to the working world or have been at it for years, this is how you make your paycheck work for you.

Take control of your finances and make 2024 your year of financial independence.

Instead of battling from pay day to pay day, learn how to spend your hard-earned money wisely and set yourself up to be in a position of power, even if life throws you a curveball.

Here are three tips to help set yourself up for financial success:

• Pay yourself first: This means saving a percentage of your income each month for yourself, and then using what’s left to pay the bills. That way, you’ll have money available for life’s curveballs. Watch out for small expenses, like takeaway coffees and extra data to rewatch your favourite TikTok videos – these might seem insignificant, but it’s these small luxuries that add up quickly and can stealthily eat away at your monthly budget. Your routine cuppa two or three times a week can easily cost you R400 or more in a month. There’s no need to forego these ‘spoils’ entirely, but it’s important to be conscious of how you spend, and be intentional when choosing to splurge. Monitor your spending either on paper or using an app. Knowing how much you spend, and on what, enables you to adjust your budget as you go, and rein in unnecessary habits or hidden costs.
• Plan your path to achieving your goals: Want to buy a car by age 25, invest in a home by age 30, and start a family by 35? Whatever your ambitions, you need to start planning for the future you imagine…and that starts now. Accountability is one of the most important aspects of gaining your financial independence. Your money health is up to you: you can’t rely on others to achieve it or maintain it, but you can look to a financial adviser to help you plan for it. Write down your goals and, together with your financial adviser, create a savings and investment plan to support them. It doesn’t matter how much you can afford. Start small and start today. Set achievable milestones, stay consistent and persevere. You’ll thank yourself over time.
• Be savvy about insurance: Yes, this is one of those grudge payments, but it is a necessity. Start with the basics: medical aid, life and car insurance are your safety net in case the unexpected happens, and income protection should be top of your life insurance list. Being prepared for any event is key and knowing that your fixed expenses will be covered should you lose your income is a lifesaver when life doesn’t go as planned.