7 money habits South Africans learned the hard way

In a country where rising living costs, unexpected economic shifts, and a high unemployment rate affect millions, South Africans have had to learn tough financial lessons—often through trial and error. But with hardship comes wisdom.

These are the 7 money habits that many South Africans have learned the hard way—and are now using to stay afloat, grow wealth, and live smarter.

1. Always have an emergency fund (even if it’s small)

For many, the COVID-19 pandemic was a wake-up call. Job losses and medical emergencies showed how crucial it is to have a financial safety net. Even putting away R200–R500 a month can make a big difference in a crisis. If you don’t save for a rainy day, it may pour.

2. Credit cards are not free money

Many people got their first taste of credit with store cards or “buy now, pay later” deals. Months later, they were buried under high interest and mounting debt. Use credit wisely, pay off balances monthly, and avoid impulse purchases.

3. Budgeting is not just for the rich

Before budgeting apps and spreadsheets, most just “tried to make it work.” But a lack of planning led to overspending and month-end panic. South Africans are now using budgeting tools like 22seven, YNAB, or simple envelopes to track spending and prioritize essentials.

4. Black tax requires boundaries

Supporting family is part of the culture, but many learned the importance of setting financial boundaries to avoid burnout and resentment. Budget for black tax as a fixed expense and communicate openly with family about what you can and can’t afford.

5. Cars are not investments

Getting a fancy car straight out of varsity felt like success—until the repayments, fuel, insurance, and maintenance costs hit hard. Buy within your means, and keep your car for longer. Status won’t pay your bills.

6. Avoid pyramid schemes and “get-rich-quick” tricks

From forex WhatsApp groups to suspicious stokvels, thousands have been scammed. If it sounds too good to be true, it probably is. Real wealth takes time.

7. Learn about money — No one else will do it for you

Financial literacy isn’t widely taught in schools, so many had to learn the hard way—through overdraft fees, defaulted loans, or living paycheck to paycheck. Podcasts, TikTok finance creators, and community savings groups like stokvels are helping people become smarter with money.

South Africans are resilient—and that extends to how we manage our money. These habits weren’t always learned the easy way, but they’re shaping a generation that’s more conscious, intentional, and financially empowered.