Pay day has come and gone for some and while it is well on its way for others. For many people it seems like their salary is never enough. Each month by the time your salary lands in your bank account you panic as the debit orders beep on your phone, leaving you with a couple of Rands. A study from FNB estimates that it takes a mere five days for middle-income consumers in the country to spend up to 80% of their monthly salary. According to Business Tech, DebtBusters showed that stagnant incomes, coupled with rising inflation, meant that middle-class South Africans have 34% less purchasing power in 2022 compared to 2016. The situation might seem dire, but it doesn't have to go on like this as you can turn things around. Financial coach Pam Sneddon of Fincoach Foundation says it is never too late to make a change because managing money is more about behaviour than it is about skill. "No matter where you are in your journey with money, how well or how badly you have managed it so far, you can start to do things differently from today,' she says.

1. Notice your spending habits

 Identify the difference between your needs and your wants so that you can reprogram some of your bad habits.

2. Start budgeting

Do you know what you spend your money on? Every day? On takeaways last week? Alcohol this weekend?

Everyone forgets, which is why it is important to track your spending every month to gauge what you are actually spending your money on.

Record your spending manually in a book, or use a spreadsheet, or an online app. Eg. 22seven, Moneysmart etc.

Budgeting requires discipline.

3. Notice how much disposable income you have each month

In your budget: What are your fixed expenses ?" items you have to pay for every month? Do you have any savings? What money is left to spend on items you choose to spend on? This is called your disposable Income. This is what needs to last to the end of the month.

4. Plan your spending

With your disposable income you get to decide what to spendi t on each month. This will change from month to month.

Plan how to use this money.

-       Example 1: Weekly method

If you have R4000, this could be R1000 per week.

If you choose to use all R4000 in week 1 of the month, then you will have to sacrifice your spending for the balance of the month.

-       Example 2: Envelope method

Separate out different expense categories eg. Transport,Food, Entertainment. Put cash in envelopes for each week and only use the relevant week's envelope.

5. Not enough money to last the month?

There is a simple formula to use in your budget: Income ?" all your Expenses = Balance at the end of the month.

If your balance is zero or negative, you only have two options:

- EARN MORE? Increase the amount of money you have by working part-time or start a side-hustle?

- OR SPEND LESS? You decrease your expenses by cutting out any wasteful spending habits.

6. Remember:Materialism does not equal success

Just because you have "stuff' or the latest gear, doesn't mean you are successful. People can be successful in a variety of ways.

7.  Don't waste your hard-earned money!

Don't buy on credit as it is expensive. Rather save and pay cash. Only buy what you need. Don't get influenced to spend more by marketing gimmicks.

Buying in bulk generally works out cheaper. Check prices carefully. Buy Data/SMS bundles. This is cheaper than buying airtime.

Join Cash-back and Loyalty programs as they help you to save.

8. Clear your bad debt

Bad debt is expensive because of the high interest rates it attracts. It also ties up your cash flow. Try to pay this off as soon as possible so that you have more disposable income each month. Then you can choose what to spend your money on.

9.Decide "How much is enough?' (Closed Circle Budgeting)

Can you live within your means, by only spending as much as you have?

When you understand what your monthly spending is, and you can keep it at that level, then any extra money you have can be saved for your future.

10. Save for the future you want

We all have dreams and goals for our future. The only way these are going to become a reality is to start saving for them.

Automate your savings by setting up debit orders. This will mean you are taking care of your future before allocating your disposable income.

Use these top 10 tips to help achieve the financial future you want. Managing your money well takes planning and discipline.