Ready, steady, March money reset!

The beginning of the year often brings financial strain as South Africans face the after effects of festive holiday spending. By March, the good news is that you’ve officially survived “Januworry”, and the financial dust has mostly settled.

The December splurges are behind you, school fees are paid, and your credit card balance is slowly making a comeback. But before April’s holidays tempt you back into old habits, this month presents a crucial and often overlooked opportunity for a money reset – a chance to review what worked, correct what didn’t, and set a clearer direction for the year ahead.

Thomas Berry, Head of Sales at PSG Wealth says, “For South Africans, March is often a more natural financial reset point than January. While the calendar year runs from 1 January to 31 December, South Africa’s tax year runs from 1 March to 28 February. This is the perfect time to reflect on the previous financial year and ensure you realign your financial strategy for the year ahead.”

This timing has practical benefits for how people manage their finances. “At the start of the tax year, you have a full year ahead to make use of allowances such as tax-free investment contributions and retirement contribution limits,” says Berry. “Rather than rushing contributions at the end of February, early planning allows you to spread contributions evenly throughout the year.”

However, before any reset can take place, Berry says the first step is taking an honest look at your current financial position. “This includes evaluating your income, expenses, debts, assets and savings.’’

A successful financial reset also requires balancing short-term priorities with longer-term ambitions. “We often overestimate what can be achieved in a short time, and underestimate what can be achieved through consistency,” Berry says. “Patience is the least glamorous, but most powerful trait when it comes to a financial reset.”

This long-term mindset also shifts how people think about wealth. “We often think of wealth as a number, but in reality, it’s a behaviour. It’s reflected in how we budget, how consistently we save, and how patiently we invest,” he adds.

According to Berry, one of the biggest misconceptions people have about their finances at this time of year is the belief that meaningful saving requires dramatic changes. “Saving money can feel daunting, especially when you’re working toward long-term goals such as buying a home, funding your children’s education or retiring comfortably. But financial success isn’t built overnight.”

He compares the process to constructing a house. “Much like building a house, it’s a steady process of laying down one brick at a time. Each contribution you make towards your retirement annuity, tax-free saving account or voluntary investments becomes a foundational brick that helps you build a secure and resilient financial future.”

For those who may have lost their way over the festive season, Berry says they are not alone. “Many people pause or reduce their investment contributions during December and January due to holiday expenses or irregular cash flow and restarting those contributions can be harder than expected.”

“People often underestimate the impact because the costs are not immediate,” he explains. “The spending feels manageable in the moment, but the effects show up gradually through reduced savings capacity, rising debt balances and missed contributions,” adds Berry.

With the April holidays approaching, Berry says now is the ideal time to reinforce good financial habits before spending pressures return. “Speaking to a qualified financial adviser can provide objective insight and help clarify your goals,” he says. “This will help you formulate a comprehensive financial plan tailored to your circumstances, keep you accountable and adapt your strategy as your situation evolves.”

He adds that defining clear goals and seeking the right support can turn financial aspirations into achievable outcomes. “That’s what gives a financial reset real impact,” Berry concludes.