Empowering men through financial literacy: strategies for a secure future

Men are often seen as the backbone of their families, expected to be the primary financial providers, breadwinners, and protectors who ensure their households never go without. But in fulfilling these roles, who supports them?

Who equips them with the financial literacy they need? Do they know how to invest, save, and budget effectively to keep their families stable, or are they left to shoulder these expectations alone? When occasions like Father’s Day or birthdays come around, do we truly honour men for the vital role they play in our families?

Or do we take the time to check in by asking if they’re coping, if they’re okay, and if they have access to the resources and support systems they need, such as financial education?

In recognition of July as Men's Month, here are six practical ways men can lay the groundwork for a financially secure future.

1. Set clear financial goals

As the head and leader of your household, you carry the responsibility of guiding your family toward a secure future. You have a vision and a clear picture of the life you want to build for yourself and your loved ones. To bring that vision to life, it is essential to set clear, realistic, and attainable financial goals. Without specific goals, it’s easy for money to be spent impulsively or mismanaged, leading to missed opportunities and financial stress.

Begin by categorising your goals into three main types:

• Short-term goals: These are those you aim to achieve within the next year. These might include saving for your children’s school fees, paying off minor debts, or building an emergency fund. These are immediate needs that require focused budgeting and quick action.
• Medium-term goals: They typically span one to five years. These could involve buying a reliable family car, renovating your home, or saving for a significant family holiday. Medium-term goals often require consistent saving over time and a bit more planning.
• Long-term goals:  Such goals look beyond five years and include major milestones such as purchasing property, building a retirement fund, or securing your children’s higher education. These goals often involve strategic investments and a long-term financial plan.

Write down your goals and make a habit of reviewing them every month. This consistent review process helps you track your progress, make adjustments when necessary, and stay aligned with your overall vision. When your goals are clearly defined and regularly revisited, they serve as a powerful source of motivation and discipline. They remind you why you’re budgeting, saving, and making sacrifices today for the security, comfort, and legacy of tomorrow.

2. Create and stick to a budget

It's important for everyone to shift the way they view budgeting. Often, people associate budgeting with restriction or the denial of enjoyment, but in reality, budgeting is not about limiting your life; it's about taking control of it. A well-thought-out budget gives you the power to make informed financial decisions, rather than simply reacting to unexpected expenses or falling into debt.

This practice not only helps you identify wasteful spending but also reveals opportunities to save, invest, or work toward your financial goals. Tools as simple as a handwritten ledger or a spreadsheet can be just as effective for tracking compared to fancy software.

By consistently monitoring and adjusting your budget, you empower yourself to stay financially balanced and resilient, no matter your income level.

3. Start saving, no matter how small

Discipline and consistency are two of the most important traits when it comes to building financial stability and long-term success. It’s not always about how much you save, but how consistently you do it. Even small steps, taken regularly, can lead to significant progress over time. One of the simplest yet most effective ways to start is by starting small, like saving just R50. While that may seem like a small amount, the key is in the habit. Over time, those small deposits accumulate and form a financial cushion.

This growing savings buffer can become a lifeline during emergencies, help with school-related expenses, or provide the foundation for seizing opportunities. The earlier you begin and the more consistent you are, the more powerful the compounding effect becomes because in the end, it’s not about how much you start with, it’s about starting, staying disciplined, and staying consistent.

4. Understand and manage debt wisely

One of the major setbacks many people face is not having a sufficient understanding of debt, which prevents them from managing it properly. Without a clear grasp of how debt functions, including the different types of debt, interest rates, payment schedules, and the consequences of missed payments, individuals can struggle to make informed financial decisions. This lack of knowledge can lead to accumulating unmanageable debt, falling behind on payments, and incurring additional fees or penalties. Moreover, misunderstanding debt limits the ability to create effective repayment plans to improve financial standing. As a result, poor debt management can cause long-term financial instability and stress. Therefore, improving education and awareness about debt is essential to ensure it is handled responsibly and efficiently.

5. Build credit, don’t fear it

A good credit record opens doors to future opportunities. Pay accounts on time, avoid defaulting, and check your credit status annually. Having a positive credit profile can help you access better loan terms and grow your financial reputation.

6. Invest in financial education

Knowledge is financial power. Understanding how money works equips you to make smarter decisions that can improve your financial well-being. Make it a habit to read up on money matters regularly, which can include books, reputable websites, articles, and financial news that cover topics such as credit scores, interest rates, retirement planning, and the latest savings products. Staying informed about current financial trends and tools helps you adapt your strategies to meet your goals effectively.

Another crucial step is to consult with reputable and accredited financial advisors. These professionals can offer personalised guidance tailored to your unique financial situation. Whether you need help managing debt, choosing the right savings accounts or investment products, or improving your credit health, advisors can help you navigate complex financial decisions and avoid common pitfalls. Ultimately, true empowerment starts with education. When you take control of your financial learning journey, you gain confidence and clarity, enabling you to make choices that secure your financial future.

In a world of rising costs and economic uncertainty, financial literacy is more than a skill; it’s a necessity. For men striving to lead secure and stable households, taking intentional steps towards managing money wisely can shape not only their futures but those of their families.

* Pitso is  the operations executive at Atlas Finance

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