Financial expert Wanita Isaacs emphasizes the importance of disciplined habits like saving, budgeting, and avoiding debt over income for achieving financial stability and well-being.
Many people believe their income will make them wealthier, however, financial experts say disciplined financial habits can relieve many of their financial distress. Wanita Isaacs, Head of Key Accounts at Momentum, says South Africans need to shift their focus from mere financial education to building and instilling habits that foster long-term stability. 'When you speak to your financial adviser, they should tell you it is never about how much you earn.
It’s about how effectively you manage what you have.', says Isaacs. She adds that financial education is needed, but being mindful of money daily and developing habits like saving, sticking to a budget, and avoiding unnecessary debt make all the difference. 'These habits lay the foundation for resilience so you can weather hard times and work towards your financial goals.' Momentum Unisa Household Financial Wellness Index shows that 33% of financially stressed individuals feel they lack control over life’s challenges. In contrast, 52% of financially secure individuals believe they can actively improve their situations —demonstrating the role of good financial habits in fostering resilience and peace of mind. Isaacs says a habit of saving, even in small amounts can help households establish a financial safety net for unexpected expenses. 'Building on this habit by investing for the medium and long term allows your money to grow more. And developing the discipline to curb impulse spending is critical to the success of these habits.' Isaacs advises people to get financial advisers who can offer tailored solutions for managing complex financial decisions, providing clarity, and preventing costly mistakes. 'It’s too easy to delay seeking advice until it’s too late,' Isaacs cautions
FINANCIAL HABITS WEALTH WELL-BEING SAVING INVESTING
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