A financial plan for your first years of work

You do not need a complicated plan. You need a few good habits, set up early. The first years matter most, because money saved in your twenties has the longest time to grow. A planner helps you get the order right, so you do not pay for cover you do not need or miss the tax breaks you qualify for.

Both save you tax, in different ways. A retirement annuity (RA) lowers your income tax now, but most of the money stays locked away until you retire. A tax-free savings account gives you no tax deduction, but the growth is tax-free and you can take the money out. Which comes first depends on your tax rate and whether you might need the money sooner. Our RA or TFSA tool shows the trade-off for your salary.

PPS is a member-owned insurer for graduate professionals. Members share in its profits. Students studying towards a qualifying degree can often join too, and cover taken out in South Africa can follow you if you later move abroad. Steven Ikin and Mark Elstob are licensed representatives of PPS and will check whether you qualify.

Maybe not yet. When you are starting out, your ability to earn is usually your biggest asset. Income protection and disability cover often matter more than life cover at this stage. That changes when you have a partner, a bond or children who depend on you.

If you own anything, or you have a partner, yes. Without a will, the law decides who inherits, and it may not be who you would choose. A simple will does not take long to set up.