The budget rethink: Why now is the perfect time to check your financial plan

For many South Africans, financial planning isn’t just about numbers – it’s about turning ambitions into reality and securing the future.

The recent postponement of the National Budget prompted an unprecedented moment of pause in South Africa’s economic engine, giving South African households a chance to take stock of their own financial plans.

Just as the government adjusts its spending to balance economic priorities, individuals need to revisit their strategies to stay on track. Therese Grobler, Head of Wealth Management at Momentum Financial Planning, sees this as an opportunity.

“Everyone has different financial goals, whether it’s retiring comfortably, buying a home, or ensuring a valid Will is in place. What’s important is aligning these goals with your overall financial situation,” she says.Like a national budget responding to economic shifts, Grobler says financial plans should evolve. A young professional might start out confident in their investment path but face retrenchment.

A couple preparing for retirement could find that rising costs force them to rethink their timeline. These moments make it clear that financial strategies need both structure and adaptability, especially during periods of high volatility and risk.This is where understanding risk tolerance becomes essential.

Grobler explains that it’s not just about how comfortable someone feels with risk but also how much they can afford to take on. “As financial advisers, we look at each client’s risk appetite and ensure their investments match both their comfort level and financial needs,” she says.

Investment timeframes are another key piece of the puzzle. Short-term market dips can cause panic, leading to hasty decisions. “Your household budget strategy shouldn’t change just because the market has a bad month. Stick to your long-term plans; make sure your investments align with their bigger picture,” Grobler explains.

Like a national budget designed for both immediate needs and future growth, Grobler says a well-planned investment approach is built to withstand ups and downs. She says a skilled adviser matches investment strategies to a client’s time horizon, ensuring every decision is timed to support their long-term goals.

“The goal is to invest in a way that meets each client’s needs while factoring in market changes. We use a structured advice process to help investors understand market fluctuations and stay committed to their objectives,” says Grobler.Just as governments adjust to economic shifts, personal financial plans should remain flexible.

A sudden drop in income, unexpected medical costs, or a new financial obligation can change everything. Regular reviews help ensure financial plans keep up with life’s twists and turns.“The most important thing is to stay invested, even when things feel uncertain,” Grobler says.

Just as a finance minister reassesses policies when conditions change, individuals should review their financial plans before adjusting. Checking whether goals, risk capacity, or investment timelines have shifted is key before making any big moves. This is when professional advice becomes crucial.

Grobler encourages people to seek expert advice to understand how external factors impact their finances. “A strong financial strategy should have enough flexibility to absorb changes without derailing long-term goals,” she says.

Much like managing a national budget, careful financial planning helps South Africans take control of their future. With the right guidance and a clear strategy, individuals can navigate economic uncertainty while staying focused on their financial goals. The key takeaway? Stick to the plan, review it often, and adjust only when necessary.