As October (which also happens to be Financial Planning Month) draws to a close, it’s easy to just write off the rest of this year and promise yourself that you’ll start in January. Instead, this is the time to plan and build momentum.

As the year draws towards a close, it’s time to get a head start on your 2025 financial goals. “October isn’t just about reviewing where you are — it’s about taking action to get ahead,” says René Basson, Head of Brand at Satrix. “By using this time to reassess your financial strategy and set clear, actionable goals, you can build momentum that will carry you into 2025. It’s about making intentional choices now to ensure long-term success, rather than waiting for the new year to start planning.” 

October is Financial Planning Month, but don’t worry if you didn’t take advantage of that. You still have the ideal opportunity to review your progress and put plans in place for the year ahead. 

Here are key actions you can take to ensure you’re on the right track: 

1. Review Your Financial Goals: Take a moment to assess your short-, medium-, and long-term financial goals. Do these still make sense for your current situation and life stage? How are you tracking against achieving them?   
2. Check Your Budget and Automate Investments: Examine your monthly budget and consider automating your investments — essentially, “paying yourself first.” If you’ve set up recurring investments, ensure they still align with your financial standing and goals.  
3. Evolving Your Financial Products: As your life changes, so should your financial products and protections. Major life events — like marriage, having children, or career shifts — can significantly impact your financial needs. It’s vital to regularly review and update your insurance coverage, savings plans, and investment strategies to ensure they match your evolving circumstances.   
4. Think Long Term: Don’t rush into decisions. Investing is a long game. Being informed about your portfolio’s performance allows for better decision-making that supports long-term growth.  

Focus on Your Investments 

When reviewing your portfolio, Basson recommends paying attention to the following: 

1. Diversification: You should consider investing in different asset classes (e.g. property, shares, bonds, cash etc) and across various industries and geographies. This portfolio diversification will mitigate the risk of your investments underperforming, should the economy take a downward trajectory. By diversifying your investments, you lower the risk of some of the higher-risk asset classes. With Satrix, you can easily opt for exchange-traded funds, for example, which give you a ‘basket’ of shares to diversify your exposure, and Satrix ETFs offer a variety of asset classes and geographies.
2. Risk Profiles: Based on your risk tolerance and investment personality, you can adjust your investment portfolio accordingly and ensure you’re comfortable with the risk profile of the funds you’ve chosen. This also aligns with your life stage – how far you are from retirement will help determine how you build a risk-adjusted portfolio.  
3. Fees: Be aware of the fees you’re paying for your investments. High fees can erode long-term growth, so it’s critical to know what you’re paying and whether the fees are justified. Satrix, for example, offers low fees and no minimums, to democratise investing and make it more accessible to all South Africans. You can start your investing journey from as little as R10.  
4. Market Awareness: Keep yourself informed of what is happening in the markets but avoid knee-jerk reactions to short-term volatility. Consider market developments that could inform your decision-making. Also, consider your investment vehicles; are you only invested in one vehicle? If so, should you consider adding alternatives to help diversify your portfolio?  
5. Performance: Be aware of the performance of your portfolio. Underperformance may warrant a review but be sure to consider market movements and know that volatility is to be expected. The aim is to be aware of your portfolio details so you can monitor it effectively and not make rash decisions. Investing is a long game so be prepared for ups and downs. The purpose of a review is not necessarily to make changes, but to be fully appraised of your portfolio’s standing and be prepared should you wish to make adjustments. Remember, the longer you’re invested, the more you can capitalise on the magic of compound interest.   

This quarter, take the opportunity to align your financial decisions with your life goals, ensuring you’re ready for the road ahead. By acting now, you’re not just preparing for 2025 – you’re setting yourself up for lasting financial success. Basson concludes, “Proactive planning today lays the foundation for a prosperous year. Take charge and make 2025 your best financial year yet.” 

Disclosure

Satrix Investments (Pty) Ltd is an approved FSP in terms of the Financial Advisory and Intermediary Services Act (FAIS). The information does not constitute advice as contemplated in FAIS. Use or rely on this information at your own risk. Consult your Financial Adviser before making an investment decision. Satrix Managers (RF) (Pty) Ltd (Satrix) is a registered and approved Manager in Collective Investment Schemes in Securities and an authorised financial services provider in terms of the FAIS. 

While every effort has been made to ensure the reasonableness and accuracy of the information contained in this document (“the information”), the FSPs, their shareholders, subsidiaries, clients, agents, officers and employees do not make any representations or warranties regarding the accuracy or suitability of the information and shall not be held responsible and disclaim all liability for any loss, liability and damage whatsoever suffered as a result of or which may be attributable, directly or indirectly, to any use of or reliance upon the information. 

A version of this article was first published here.