In today’s economy, adulting can be extremely tough on you, especially if you don’t have your finances in order. You may be heading towards constant unplanned transfers from your savings accounts because you did not stay in your financial lane.

You’d be wrong in thinking that financial planning is meant only for the wealthy. Get ahead of your fiscal wellbeing, because if you’re not careful you could end up with a whole wad of unnecessary expenses – and debt. With the right financial plan in place your money can work harder for you! We’ve put together these four easy tips, from the Nedbank Professional Banking Handbook, to get you started on a good path with your money.

  1. Goals

Think about the different avenues you can make use of to grow your money. This can be through investments, trusts or savings, whatever works for you. Decide how much you’d like to save a  month, year or any set period. We suggest getting started with 5% to 10% of your salary; this will help develop good savings habits. Decide on the level of risk you’re willing to take when it comes to investing; and remember that the more you invest and save, the more cash money you’ll have due to your overall interest earned.

  1. Basic emergency expenses  

Basic emergency expenses are those expenses that are absolutely essential in case something happens. These may include your medical aid, insurance and income protection. Make sure that you are always covering your basic emergency expenses because they are crucial to ensuring that you are protected should the need arise.

  1. Future planning

Invest in a pension fund or retirement annuity from your very first day as a professional so that by the time you retire you have more than enough. In the meantime, you could also put away money for those just-in-case unforeseeable events. Or perhaps you’d like to continue your success journey by putting money away for education purposes, such as short courses or further studies.

  1. Advanced expenses

Thinking of buying a new laptop or a car? Put together your own budget and money goals, and find ways to decrease your expenses to make up for this new expense you’re budgeting for. Jamie Hopkins, a contributor at, says that to stay out of debt you have to manage it. What this means is strategically planning your spending, like saving a bit longer for a bigger deposit on your car, will work out better in the long run. Cut down on luxuries and nice things until you’ve saved up exactly what you need in the time you’ve set. When looking for areas where you can cut back remember to spend smart, not fast.

Professional Banking – University Toolkit