A checklist for financial wellness in 2025
IT’S THAT time of the year again when we sit down to reflect on the year gone by, and think about plans for the year ahead. For most of us, these goals often focus on aspects to better ourselves, like losing weight, picking up a new hobby, or focusing on personal growth.
However, there’s one area of self-improvement that often gets overlooked at this time of year—our financial wellbeing.
Your financial health is just as important as your physical and mental wellbeing, and yet it’s something we rarely address with the same level of urgency. Financial wellness plays a pivotal role in shaping our lives—impacting our sense of security, our ability to pursue dreams, and even our mental health. That’s why, as we map out the year ahead, it’s worth asking ourselves: Are we financially okay?
This year, I’d like to share some useful tips to ensure that you’re not just surviving, but thriving in all aspects of your life—not just physically and mentally, but financially too.
Check and update your beneficiaries
If the past few years have taught us anything, it’s that life happens when we least expect it. One of the most overlooked steps in securing your (and your family’s) financial future is securing your beneficiary nominations.
This is a legal declaration that specifies who will receive the proceeds from certain financial assets such as life insurance policies, retirement funds, or even workplace pension plans, if something unexpected happens to you.
By ensuring that your beneficiary nomination form is accurate and updated, you’ll make sure that what you want to leave behind is left in the right hands.
Review your insurance coverage
Insurance plays such an important part in ensuring our peace of mind by providing us protection from any unforeseen events—but the complexity of the insurance industry can lead to some people being overly insured.
For example, if you no longer drive of-ten, or you own an older car, you might be paying for comprehensive car insurance when a more basic policy would suffice—much like paying for an all-you-can-eat buffet when you only plan to have a small snack.
If you have enough insurance, that’s great! However, if you have too much, it’s time to cancel the excess. The odd R200 or R300 you save can go a long way in helping you achieve your saving and investment goals.
Cancel unused subscriptions
Take a close look at your subscription expenses. Those monthly charges can add up quickly without you even noticing.
If you’re no longer using that gym membership, barely watching shows on two or three streaming platforms, or forgot that you signed up for a premium app trial that’s now billing you, it’s time to reevaluate.
Cancelling unused or underutilised subscriptions is an easy way to save money, and you can redirect those funds toward more meaningful goals.
Resist upgrading unnecessary subscriptions
Your phone contract is coming to an end, and you’ve been getting all sorts of messages about upgrading—but you know that your current phone can make calls, WhatsApp, surf the net, and take decent pictures.
So, ask yourself: What will a newer mo-del offer besides another ongoing contract payment? You could surely use that R500 in your pocket for a change.
Check your investment balances and performance
Just as we go to the GP for a check-up, our investments need a check-up too. Assess their health—because if left unchecked for too long, you might find yourself in a spot where it’s too late to make meaningful changes.
Use tools like retirement calculators
Planning for retirement requires regular check-ins to ensure that you’re on track to meet your financial goals, and retirement calculators are a great way to do this.
These tools allow you to input key details such as your current savings, expected retirement age, income, expenses, and future financial goals. With this information, you can view estimates of how much you’ll need to save, how long your savings will last, and evaluate if any adjustments are necessary.
Additionally, if you’re in a position to save a little extra, consider redirecting those funds to your retirement fund with an additional voluntary contribution.
Review your employer’s benefits summary
Sometimes we’re so focused on our jobs—or excited about starting at a new company—that we never truly take the time to understand our benefits, and how best to use them.
Your benefits package can often include valuable perks like retirement contributions, health insurance, wellness programmes, or even tuition reimbursement, which can significantly impact your financial and personal well-being.
Taking the time to review these benefits ensures that you’re not leaving money or opportunities on the table.
Revisit your budget
Dust off that Excel spreadsheet (or, in my mom’s case, a small black book in which income planning is recorded)—and this year, let’s take it a step further.
I’ve always been great at making a budget, but awful at tracking whether my expenditure aligns with it. Let’s all do better in sticking to our budgets in 2025!
Small changes make a big difference
Adulting isn’t easy, and looking at this list of things to get right for the year can be overwhelming. Luckily, all you need to ensure your financial wellness for the year ahead, is consistency.
If all of this seems like just a bit too much to keep track of, start with just one item and stick to it for six months before moving on to something else.
Although Januworry was a tough month as we waited for payday at month’s end, now that we’re (hopefully) solvent once again, it’s the perfect time to evaluate your financial situation, look ahead at what you truly want to achieve, and start putting things in place to help you reach those goals.
Happy New Year to you all, and may we strive to achieve our financial goals this year!
Khwezi Jackson, client relationship manager, 10X Investments.
