Inside the budget of a financial planner

Published on 2nd February, 2023 at 10:07 am

Ever wondered how financial experts budget themselves? We found out for you so you can take some inspiration and get on track with your own budgeting. Read on to take a peek inside the budget of a financial planner.

Reading time: 3 minutes

In this article you’ll learn:

• The importance of budgeting to stay on track with your financial plan.
• How financial planners budget monthly for their household.
• How meeting with a financial planner can help you budget like a pro.

Hazel Pretorius: principal at Sasolburg BlueStar

“I believe in a detailed budget, making provision for the smallest of expenses,” says Pretorius. As a working mom, here’s how she budgets the majority of her household income monthly:

Jyoti Gopee: financial planner at Pinnacle BlueStar

“I have a template for my budget. Budget sheets are vital!” shares Gopee. As a single mom and financial planner at her family-owned practice, she leans on her sister Kirti, a fellow financial planner, for accountability and advice about her finances.

“Within my monthly budget, I make sure to allocate at least R2 000 for unforeseen expenses – otherwise they creep up on me! For example, I need to budget for my son’s school fund-raising activities, themed outfits for school civvies and classmates’ birthday gifts. All these activities come at a cost and can add up to between R500 to R1 000 in one month.”

To keep track of her spending habits, she runs through three months of her cheque account statements and credit card statements.

If your money is managing you and not the other way round, it’s time to take charge! Start by speaking to a financial planning expert, who can assess your financial situation and offer guidance to help you live with confidence. Book a meeting now.

Jiten Singh: financial planner at Future Vision BlueStar

Married with kids and running his own advisory practice, Singh partners with his wife to manage their household budget.

“We split the budget,” he shares. “I pay for the bulk of expenses such as the bond, cars and school fees, insurance, electricity, water and levies. My wife pays for groceries and extra-curricular activities for the kids. We save any leftover funds in our money market account.”

How he saves

“We grocery-shop with a list, and stick to it – unless there are insane specials.”

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Different budgets for different needs

Your budget can differ vastly to the next person based on your responsibilities. For example, a single mom’s expenses are quite different to that of a dual-income household, or young couples without children. Likewise, the more ‘things’ you add to life (holidays, pets, children, home renovations), the more your expenses add up. It’s important to ensure your budget accommodates these before adding them as a permanent fixture.

Pretorius shares how as a single parent she ensures her budget is ready for the new year and all the expenses of having a schoolgoing child that comes with it:

“I put 1% of my income into an account I can’t access easily. By the end of the year, I feel calm and prepared for the expenses of stationery and school uniforms that need to be purchased.”

Get budgeting like a pro! Meet with a financial planner today to help you get started.