Budget Speech Yourself: A financial call to action

Cape Town - The National Budget Speech (21 February) is the perfect moment to reflect on the state of your own finances and what actions are required to give you confidence in reaching your financial goals. As ‘finance minister’ of your own life, how would you rate your performance? Would you set new goals? And how would you try to achieve them?

The Minister’s words are everything but ‘removed’ from South Africans’ personal money matters. In fact, they have a direct impact on your pocket.

Here, Farzana Botha, Segment Solutions Manager at Sanlam Risk and Savings, shares how to get ready to Budget Speech yourself so that you can live with confidence:

1. Your year in review: Before the Budget Speech, take a retrospective look at how you got to this point. What financial decision-making and patterns of behaviour – both positive and negative - have contributed to your current situation? Review both your past and most recent bank statements; place your budget under a magnifying glass and try to spot your habits. Has there been a winning hack or habit you’ve stuck to which brought you closer to your goals? What do you need to do more or less of to get where you want to be?
   
   
2. Set a new agenda: Reflect on your current life- and financial goals. Are they still relevant? What do you want to achieve this year? Take it to a granular level.
   
   
3. Prep ahead: Many people see the Budget Speech as political and removed from their day-to-day. Before the Budget Speech, do some homework to understand what Minister Godongwana is likely to say – and, why it’s relevant to your life. What key lessons should you look out for? What changes will impact your pocket? Scan the environment to find out what financial experts are sharing or what knowledgeable influencers are saying on TikTok, for example. Use it as a learning opportunity.
   
   
4. Get a team on your side: It takes a village to plan the Budget. While Minister Godongwana may be the leader, he has a team behind the scenes. Consider doing the same. Before the Budget, assemble your own team of experts, including your financial adviser, to help you set goals, and create clear roadmaps to reach them. For example, if the Minister announces tax relief initiatives, work with your adviser to find ways to use your extra money to optimise your outcomes. Sanlam’s Budget Speech content hub offers resources such as tips, tools, and expert advice aimed at assisting people in managing their finances effectively and optimising tax benefits. The content hub will provide updates on the 2024 Budget Speech as soon as they become available on Wednesday.

Botha concludes, “Use the Budget Speech as a reminder to reflect on your own finances and to Budget Speech yourself. As the finance minister of your own life, what habits and hacks do you need to instil to reach your goals and live confidently? Now’s the time to have a frank conversation with yourself. Be clear about what you want to achieve, commit with confidence, and believe that you can make it happen. Then talk to your “support” team and create a plan to get there.”