Budgeting | Couple working on their budget

01 Apr 2022

The importance of having good personal financial management

When you have a realistic monthly budget, which tracks your income and expenses, it can help you achieve your long-term savings and investment goals. It’s the cornerstone of your future wealth.

 

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Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Didi Karabo Khumalo, Corporate and Commercial Attorney, and Tebello Rabele, Wealth Manager at Investec Wealth & Investment.
 
Dr Sivuyile Madikana hosts this episode of In conversation for young professionals. He is joined by Didi Karabo Khumalo, Corporate and Commercial Attorney, and Tebello Rabele, Wealth Manager at Investec Wealth & Investment.

  • Skip ahead

    [00:50]  Does everyone need to budget?

    [02:00]  The 50/30/20 rule

    [04:16]  What is a life plan?

    [05:28]  Changing your budget to adapt to your evolving lifestyle and needs

    [07:54]  How do you budget to accommodate assisting friends and family?

    [10:08]  Keeping up with the Joneses

    [11:37]  How to manage debt within your budget

    [13:33] How to ensure you stick to your budget

    [15:18]  How important is it to have an emergency fund?

    [16:41]  How do you budget for long-term goals?

     

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Dr Sivuyile Madikana hosts this In conversation for young professionals budgeting podcast.

Watch the full series

The panel examines tips, tricks, and tools to empower young professionals to create a budget – and stick to it. If you have a realistic budget, you may have less financial stress and make the right steps towards wealth creation. The episode also looks at starting an emergency fund. The sooner you start, the better.

How you decide to draw up a budget depends on your income, current lifestyle, and circumstances. Sometimes you may be paying off loans or financially helping friends and family. At other times, you may have additional funds to put into a savings account or an investment.

"A reality that I’ve come to terms with is that I’ll have more than some, but less than others. It makes it easy not to look to the outside to see what other people are doing. This helps me to stay in my financial lane." - Didi Karabo Khumalo, Corporate and Commercial Attorney.

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Watch more episodes from the In Conversation for Young Professionals series

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Investec Life Limited, a member of the Investec Group, is a registered Long-term Insurance Company (Reg.No. 1944/017130/06) and an authorised Financial Services Provider (FSP number 47702). The video on this page contains factual information and should therefore not be regarded as financial advice. Terms and conditions apply.

 

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