Here, Botha shares her key take-outs and tips for your personal budget speech:

1. Small step-changes add up: Celebrate the small wins and habits moving your financial future forward. The Minister has had to make many difficult trade-offs, but we’re also seeing positive steps, such as the stabilisation of inflation. Double down on your positive money habits; incremental movements in the right direction all add up.
2. Maximising every opportunity: Much of the Minister’s conversation centred on taxes – including not adjusting personal income tax brackets, rebates and medical tax credit for inflation and explaining how taxes are used to benefit the nation. Consider how you leveraged your tax deductions and annual returns. Did you maximise these opportunities to create more disposable income, through investments, for example? Are you making the most of annual allowances for tax-free savings accounts and retirement fund contributions or can you do more this year?
3. Talking two-pot: The adoption of the Revenue Laws Amendment Bill by the National Assembly of Parliament marks a major step towards the implementation of the two-pot retirement system. From 1 September 2024, you may be able to access a portion of your retirement savings from the ‘savings component’. While this may provide some short-term relief, it’s important to understand the consequences for your future self. Consider speaking to a financial adviser to unpack the long-term impact of accessing your retirement savings early.
4. Have the professionals in your corner: Minister Godongwana doesn’t do the Budget alone; he has a team on his side. Assemble your own ‘support team’ of experts to help revise your roadmap to reach your goals, with any necessary adjustments post Budget.
5. Take responsibility: Debt and addressing unnecessary expenditure was a dominant theme in the Budget Speech – a pertinent topic for many people personally. DebtBusters recently revealed that the average South African consumer spends about 62% of their paycheque servicing their debt. If you’re struggling with debt, having a plan is pivotal. Consider accessing Sanlam’s free credit coaches to help you pay down debt, instil positive habits, and improve your credit score.
6. Be honest with yourself and others: Be the finance minister of your own life. When you Budget Speech yourself, be honest and get granular. The only way this exercise will make a meaningful difference is if you are completely transparent. Reflect on the behaviours that are serving you; plan to let go of the ones that are not. Revise your budget, prioritise spending and be accountable to others. Having honest conversations with loved ones can be incredibly empowering. If you share your financial reality, they can help you self-reflect, plan for the future, and keep you on track.
7. Walk the journey: Minister Godongwana ended by sharing that it’s easy to get swept up in extremes. He urged the nation to avoid blind optimism or crippling pessimism; rather focus on the journey to shared prosperity. These words ring true for individuals as well. There’ll be chapters of highs and swings of lows; it’s important to keep focused and have the confidence to stay the course during tough times. Keep your eye on the measures you can control and celebrate every small win.