Daily discipline and planning encouraged this Financial Planning Month

A recent Sanlam survey found that 60% of respondents identified debt as their biggest financial challenge, while 62% say they strive to curb impulse spending.

These findings highlight why Financial Planning Month every October remains so important in South Africa.

Sanlam says financial planning isn’t only about saving and investing - it’s also about everyday habits, such as managing grocery costs, paying bills on time, and setting aside money for emergencies. Planning ahead for long-term goals like retirement and your child’s education is just as important.

Sanlam’s 2025 Financial Confidence Drivers Survey, conducted among 500 South Africans, found that 67% actively track their financial goals, a figure that rises to 81% among younger adults (aged 16 to 34). Despite this, 38% feel fearful and anxious about their financial future.

Lee Hancox, Head: Channel and Segment Marketing at Sanlam says, “If you don’t have a plan or a budget for your money every month, unexpected expenses can catch you off guard. Knowing how much you earn, what you owe, and how much you spend on certain items, gives you a better chance at taking control of your finances.”

“You can’t manage what you don’t measure,” says Hancox. “Record your income, expenses, debts and savings. Even simple habits, like reviewing bank statements or setting up automated savings, can improve your sense of control.”

She also stresses the importance of having a financial adviser. “A partnership with a qualified financial adviser can have a massive impact on your long-term financial resilience and wealth building potential. This partnership is as important as the one you forge with your hairdresser or tax expert; you need to feel they are on your side and that you have the right working chemistry. Don’t be afraid to interview a few until you find the right match for you and your needs. Working with an adviser will help you set financial goals, draw up a working budget as well as plan for short, medium and long-term goals.”

Financial confidence is about being prepared for life’s surprises. Sanlam’s study found that 34% of those surveyed aim to build a savings or emergency fund, but many face challenges such as unemployment.

According to Hancox, “There is no perfect time or perfect amount to start saving for emergencies. What matters is starting as soon as you are able. Even small steps can make a big difference. When you are ready to start building your emergency fund, aim to accumulate at least three months of your essential expenses. Even R200 to R500 a month can gradually build a cushion that transforms panic into preparedness.”

Many South Africans struggle with debt, and it is one of the biggest drags on financial confidence. Choosing a clear repayment strategy is key: the “snowball” method (start small) or the “avalanche” approach (tackle high interest first) are both options. If repayment feels overwhelming, seek guidance from a financial adviser or credit counsellor – structured support can make the difference between stress and progress.

Savings and retirement planning are universal priorities. Sanlam’s survey found 65% of its clients are aware of how much they need to save for retirement, compared with 48% of non-Sanlam clients. Overall, 49% of South Africans don’t know how much they need to save each month to retire comfortably. Working with an adviser to calculate this number – and reviewing it each year – can turn a vague dream into a tangible target.

Hancox says it is equally important to get your long-term affairs in order and draw up a will. “Having a will in place gives you peace of mind knowing that your family is protected and that your assets are distributed according to your wishes, should anything happen to you.”

Confidence grows when your family and future are secure. Sanlam’s data shows that life and funeral cover, medical aid, and emergency savings are the top contributors to people’s sense of safety. Insurance isn’t just about fear of loss; it’s about freeing yourself to focus on long-term goals knowing your base is protected.

Hancox says, “Financial planning isn’t just about money – it’s about mindset. October’s Financial Planning Month is the perfect time to set new goals, track your progress, and take small, steady steps toward a more confident future.”