Discover essential financial strategies to make the most of your first salary in South Africa. This six-step playbook will guide you through budgeting, saving, and protecting your income, ensuring you start your financial journey on the right foot.
The best advice you could get as a young person is to lose that either/or mentality. It’s about doing both, buying the things you need today, while making a contribution – however small – to long-term goals like investment and insurance, says Farzana Botha, Communications Manager at Sanlam Risk & Savings.
She says for many young South Africans, receiving a first salary is a significant milestone. After years of studying, internships, side hustles, or job hunting, earning a regular income brings a new level of independence. It also comes with financial responsibilities that many young adults are often unprepared to manage.
From budgeting and saving to managing credit and planning for retirement, first-time earners are expected to make important financial decisions from the outset of their careers. Yet financial literacy remains a challenge for many, she says.
Industry experts say that while much of the conversation around personal finance focuses on spending, saving, and investing, one of the most overlooked aspects of financial well-being is protecting future earning potential.
