“It is ingrained in our nature to compare ourselves to others, and there is a tendency to equate financial success with the vehicles we drive, the places we live and the lifestyles we lead,” he says.

“However, true wealth lies in being able to control one’s time and make choices without financial stress. Those who accumulate wealth over time understand the value of living within their means and prioritising savings. This simple shift in mindset can empower individuals to achieve long-term financial freedom.

“Achieving financial freedom is not solely about increasing income or making the best investment decisions; it also involves understanding how our behaviours and thought processes shape our financial choices. Pioneers in behavioural finance, Amos Tversky and Daniel Kahneman, have shown that humans do not always act rationally when it comes to making sound financial decisions.

“Their research reveals that cognitive biases, including loss aversion, mental accounting and the illusion of control, can lead us to make suboptimal financial decisions.”

Berry says achieving financial freedom includes developing a mindset that supports and promotes long-term financial wellbeing.

“Humility, patience and discipline with money create a foundation for success. Embracing these psychological principles allows you to shift the focus from short-term gratification to long-term security, ultimately providing the pathway to financial freedom,” says Berry.

Van Wyk says one should 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. Even R100 a month is a start. Savings build the cushion that gives you breathing room when life throws you a curveball.

“Whether it’s for a child’s education, your first home, or retirement, make your money work for you. High-interest debt is the financial equivalent of chains. Prioritise paying it off to free up your future cash flow.”