Money Diaries: a month in the life of someone who earns R9 000

Last updated on 13th May, 2020 at 06:13 pm

We asked real South Africans to share their money diary for a month with us. Why? So that you can see how real people earn, spend and save – and how they can save more with just tiny (almost painless!) lifestyle tweaks. Here is, one month’s money diary from a 23-year-old copywriter in Durban.

*Values rounded up to nearest rand.

Monthly income (after tax): R9 272

Monthly expenses

Rent: R0 (I currently live at home and don’t pay rent)

Groceries: R1 500

Cell phone: R450

Wi-Fi: R600

Bank charges: R150

Toiletries: R500

Clothing and clothing accounts: R1 500

Entertainment: R2 500

Work coffees and lunches: R1 400

Transport: R500

Money left at the end of the month: R172

“What I learnt”

“Listing my expenses was a good reality check. I’ve realised that I should take advantage of the fact that I live at home and therefore don’t really have ‘heavy’ responsibilities like rent and utilities. This means I should be saving more than I am!

“I was shocked to see how much I spend on entertainment in one month: I go to expensive restaurants and agree to last-minute events which end up becoming more costly than expected. After doing this entry, I’m quite disappointed in myself and think the first thing I need to do is learn more about how to budget – and stick to it.

“I’m currently researching how I can get help from a good financial adviser and how I can use the little that I earn well.

“While I’m still living at home, I want to be able to have a worthy investment and save my money towards something with a good return. I have learnt that the main area I need to cut back on in order to increase my saving is entertainment – if an event was not in my budget/plans, then I need to decline the invitation.

“I also want saving to be the first thing I do when I receive my salary, and whatever is left is what I can spend. I am glad I did this entry; my first exercise will be to save R500 before I spend my money on anything. I am crossing fingers this will work!”

What should you do with the money left over each month? Consider an investment, so that you’re working to secure your financial future. Speak to a qualified financial planner to find the best options to suit you – request a meeting here. And remember: as a Sanlam Reality member, you can get up to 100% off primary asset management fees with Sanlam Investment’s flagship funds. Find out more, here.