In this second episode of the Santam Insure Your Future Money Bootcamp, I’m again joined by Mapalo Makhu as we dive into the topic of budgeting, and how taking control of your day-to-day spending can significantly reduce financial anxiety.

We hear from Thato, who shares how she gained control over her anxiety around money once she created a budget. And Mapalo tells us the story of Pam, a gig-economy worker who had no clue about how much money she was earning or spending, but once she started tracking her expenses, discovered she did actually have some money that she could start investing.

The bulk of the episode features an enlightening conversation with Sbongile, a young mentee from last year’s Santam Money Bootcamp cohort, who transformed her financial habits and mindset through budgeting.

We discuss different budgeting approaches, such as zero-based budgeting and the 50/30/20 rule, and how important it is to find a method that works for your specific financial situation, personality, and life stage.

We also explore the concept of a survival budget. This is the absolute minimum that you need each month to cover the essential necessities of living: housing, essential food items, transport, insurance, health care, communication. Your bare-bones survival budget can provide a safety net during financial shocks.

Whether you’re new to budgeting or looking to refine your financial strategy, this episode offers valuable insights and practical steps to help you take control of your finances.

Download the budget template from our resource page and start tracking your expenses today. Share your experiences with us by sending a voice note to 062-174-0145.

Visit the Santam website to find out more about the podcast series and to access other worksheets.