No proper financial planning equals frivolous spending

While South Africa's annual inflation rate has fallen to 4.4% in August 2024, its lowest since April 2021, the cost of living remains a major financial concern for many consumers.

Despite the slight drop in inflation, many South Africans are still struggling with cash flow issues, making it difficult to focus on saving opportunities that could improve their overall financial well-being.

Thabo Qoako, consumer financial education specialist at the Momentum Group Foundation, emphasises the importance of having a financial plan to understand and control your cash flow.

“When you have a financial plan in place, you are better equipped to manage your cash flow and make informed decisions,” says Qoako.

“Financial well-being should always be a top priority to balance spontaneity with the protection of your personal financial goals. A little financial planning ahead allows you to enjoy a well-deserved break this festive season without added stress.”