How to build a financial legacy this Heritage Month

Heritage Month has always been a time for me to reflect on where we come from, for example, the languages, traditions, and values that connect us. But over the years, I have come to realise that heritage is not only about the past. It is also about what we pass forward. And that includes something we often overlook: our financial habits and knowledge. 

For too many South Africans, the financial inheritance we receive is shaped by limited access to opportunity and reliable information. Sometimes, it is even debt that gets passed from one generation to the next. Changing that cycle starts with the choices we make today, no matter how small they may seem. 

I believe that financial knowledge should be something everyone can share and pass along. Imagine a culture where talking about money is as normal as talking about sport or the weather. A culture where young people and women feel confident to save and invest, and where the next generation inherits not only dreams, but the tools to achieve them. 

Five ways I believe we can grow our financial legacy this Heritage Month

1. Have the conversation at home: Some of the best lessons I learned about money came from family stories, both successes and mistakes. Heritage Month is a perfect time to open that conversation in your own home.
2. Track spending together: For one month, write down every expense as a family. It is often surprising to see where money disappears; it is the first step to making better choices.
3. Set a shared goal: It might be a holiday, school fees, or an emergency fund. Choose it together, decide how much you will save, and celebrate milestones along the way.
4. Learn something new as a family: From budgeting to understanding compound interest, there is always more to learn. Free webinars, community workshops, and online resources make this easier than ever. 
5. Share what you know: If you have learned a valuable financial lesson, pass it on to friends, colleagues, or younger people in your community. The impact of that advice could be bigger than you think.

 Why small steps matter

Financial empowerment is not about how much you earn but what you do with it. I have seen how small, consistent actions can completely transform a family’s financial story. 

This is why I continue to work with community groups, teachers, and financial mentors to ensure that practical tools and free learning resources reach the people who can benefit from them most. 

Every rand I manage to put aside, every honest conversation I have about money, and every skill I take the time to learn feels like a small gift I am preparing for the next generation. Heritage Month always reminds me that the truest inheritance is not the cash we leave behind but the confidence and know-how to earn, grow, and use it wisely. 

I believe we have the power to shape a different kind of legacy where financial understanding is woven into who we are as South Africans. This is a legacy we carry with pride, and one we hand over willingly, knowing it will help those who come after us to stand a little taller and go a little further.” 

* Israfil is the CEO of CFI Financial Group South Africa.

PERSONAL FINANCE