As South Africans reflect on the hard-won freedoms of our past this Freedom Day, JJ van Wyk, Financial Adviser from Momentum Financial Planning, reminds us that we owe it to ourselves – and future generations – to pursue a new kind of liberation: financial freedom.

27 April marks more than just a public holiday – it’s a deeply significant day for every South African. Freedom Day reminds us of how far we’ve come and how far we still need to go to achieve true equality – not only in rights but in opportunities, in dignity, and yes, in economic freedom too.

But in a country still grappling with inequality and an unforgiving cost-of-living crisis, the concept of financial freedom can feel like a pipe dream for many. According to the National Credit Regulator, debt is rising, standing at R2.3 trillion, and inflation eats into our every cent. The result? Many South Africans are free – but not financially.

Van Wyk says that while the economic climate is tough, there is hope. “Financial freedom isn’t reserved for the rich – it’s a right that all South Africans can and should work towards,” quips van Wyk. “And just like our country’s struggle for political freedom, the journey to financial independence starts with awareness, discipline, and small, bold steps.”

Freedom starts with control

The Momentum/Unisa Household Financial Wellness Index reveals a striking contradiction: nearly half of households believe they understand their finances, but only 15% are truly financially literate. “That disconnect shows us why so many feel stuck,” says van Wyk. “If you don’t know what’s really holding you back, you can’t break free.”

And that sense of being stuck is real. Financial stress doesn’t just impact our wallets – it keeps us up at night, affects our mental health, and limits our choices. “You can’t be free if money is constantly controlling your decisions,” says van Wyk. “True financial freedom is being able to choose your path – whether that’s changing jobs, moving to a new city, or saying no to a bad deal – without fear.”

How to win your financial freedom

Van Wyk says financial liberation isn’t just about income – it's about changing how we manage the money we have. Breaking free from financial stress means avoiding the most common money mistakes, such as:

• Not learning enough about personal finance
• Living for the moment instead of planning for the future
• Spending on wants over needs
• Ignoring your spending habits
• Not having clear financial goals
• Thinking wealth is for "other people"
• Avoiding advice when you need it most

Instead, van Wyk recommends a few practical, Freedom Day-worthy steps to start your journey:

Budget like your freedom depends on it
Every rand should have a purpose – be it for groceries, savings, or debt. Tracking your spending gives you power.

Build a savings habit, no matter how small
Even R100 a month is a start. Savings build the cushion that gives you breathing room when life throws you a curveball.

Start investing early and intentionally
Whether it’s for a child’s education, your first home, or retirement – make your money work for you.

Cut your debt before it cuts your future
High-interest debt is the financial equivalent of chains. Prioritise paying it off to free up your future cash flow.

Ask for help
Financial advisers aren’t just for the wealthy. A good adviser can help you avoid costly mistakes and build a plan that actually works for your life.

Freedom Day isn’t just about looking back – it’s about looking forward

Van Wyk believes this Freedom Day is the perfect time to reflect not only on our national history but also on our personal future. Are you financially free or just free-falling? The good news is the next chapter is in your hands.

“Financial freedom isn’t about perfection,” van Wyk concludes. “It’s about progress. And there’s nothing more powerful – or more liberating – than taking ownership of your future.”