Starting your career is an exhilarating step into adult independence – but it also brings responsibilities and choices. Prioritise managing your own money, as you'll need to make ends meet on a monthly salary or income from your own business. It might be the first time that you alone get to decide how to spend, where to save, and what to invest in.

Basic financial literacy and risk management aren't usually covered in your lectures at university or the orientation information at your first job. These tips can help you embrace sensible, practical money management from the start of your professional journey.

Budgeting basics for first-time earners

• Draw up a budget that includes all your income streams and regular monthly expenses. Even a simple breakdown of these numbers can help you make better money choices.
• Include entertainment in your expenses. Avoiding a social life might seem like a way to save, but rest and relaxation are important. It’s natural to explore everything life has to offer when you’re young, so rather than setting yourself up to fail, put down some limits in writing, check them often, and stick to them.
• Explore Nedbank MoneyTracker, available on the Money app or Online Banking. It makes creating a budget, tracking your goals, and learning money management simple and easy.

8 tips to cut costs without cutting joy

• Eat smart. Cut down on foods high in fat, salt and sugar, like takeaways and processed snacks. Save them for occasional treats, and instead use fresh, frozen, dried, or canned ingredients to cook your own meals. Fresh fruit and veg also make healthier snacks during late-night work sessions.
• Shop in bulk. Organise a bulk-shopping group with friends, housemates, or neighbours. You can buy household essentials in larger quantities at lower unit prices to share among the group. This technique also lets you take advantage of 2-for-1 deals and other promos more often. Shop at Greenbacks reward partners with your Greenbacks-linked card to earn Greenbacks with every card swipe.
• Save electricity. Switch to energy-saving LED lightbulbs and turn on electrical appliances only when they’re in use. Even in sleep mode, devices draw a tiny amount of power, so switch them off – every bit of electricity saved is also money saved.

Try turning on your geyser an hour before showering, then off again for most of the day. If you have housemates, schedule the hours of the day when everyone can expect hot water. Or install a timer on the geyser – it’s a waste of electricity and money to keep water hot all day when it’s only needed for a few hours.

• Drive efficiently. Speed costs – in fuel, and potential fines. Drive efficiently – at safe speeds that enhance your fuel efficiency and reduce wear on your brakes, steering, suspension, and transmission. Regular maintenance can also reduce fuel consumption, and you can save even more on fuel and maintenance costs by carpooling.
• Plan your transport. If you rely on public transport, plan your trips cost-effectively around the stops you need to make. Your budget should also cover long-term planning, like trips home to visit your family or holiday travel. Booking early often means discounts, especially during peak periods like long weekends and school holidays.
• Try thrift shops. Thrift shopping can save you a lot of money. You can find furniture, clothing, food, and other household needs – that are affordable but still excellent quality – at charity shops and local farmers’ markets.
• Stream smart. Pick 1 entertainment provider for music, movies, and series, and cancel other streaming or channel subscriptions. If you have housemates, shared accounts will let you all have access to a variety of streaming services, while each resident pays for only 1.

Saving: Why financial literacy matters in your 20s

• Even on a tight budget as a newly employed young professional,  you can start saving. Creating a solid savings and investment strategy in your early 20s is often about lifestyle choices. Focus on developing the discipline to skip parties and impulse buys when the money could be better spent on necessities or investments, and you’ll find it easier to manage your budget.
• Start an emergency savings fund and contribute a set amount every month. You can use this reserve of cash immediately in a financial crisis, like urgent car repairs or a medical emergency. As a Nedbank client, starting an emergency fund couldn’t be easier – you can create a MyPocket labelled 'Emergency fund' on your current account using our online channels. Earn up to 6.25% interest a year on balances of R9,999 or less, with access to your savings whenever you need them.
• Increase your income with a part-time job or a side hustle in your spare time, so that you can save and invest more every month.

The role of a financial adviser: Helping you build long-term wealth

Find a trusted financial adviser and consult them regularly to grow your financial literacy throughout your life. They can guide you through wise money management and explain the economic factors affecting the cost of your debt or the size of your investment returns.

They'll help you understand why the South African Reserve Bank raises or lowers the repo rate to target inflation, and how that affects the cost of borrowing money or the interest earned on your savings and investments. Political and economic events, like the trade tariffs introduced by the USA in 2025, also have knock-on effects on inflation, interest rates, and the value of the rand. Your financial adviser can suggest a good time to move more of your investments offshore, or when to invest in more South African assets, according to international economic shifts.

With expert advice, you can manage your finances to take advantage of global trends, currency fluctuations, inflation, and shifting interest rates. Start early to stay financially confident at every life stage. Achieve your long-term wealth goals with professional guidance, conscious money choices, and smart financial management.