Credit confidence: A young adult’s guide to getting it right from the start | Akhona Siloyi

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Build your financial crew

Surround yourself with people who understand money – it could be a credit coach, financial adviser, or even a savvy friend – someone who can help you navigate the credit maze. Don’t do it alone; lean on those who have walked the path before.

Start with the basics

Begin with small steps. A cell phone contract or a retail store account is an excellent way to dip your toes into the credit pool. Remember: only spend what you can pay off in full each month. That is how you build trust with lenders and with yourself.

Credit cards: friend or foe?

When used wisely, credit cards can be a powerful tool. They help you build your score and offer flexibility. But they are not free money. Be sure to pay on time, keep your balance low, and you will reap the rewards.

Know the difference: good vs bad credit

Good credit is used for things that grow in value, like education or a home. Bad credit? That involves the impulse buys and unnecessary splurges. Learn the difference and spend with a purpose.

Stay consistent, stay informed

Building credit is not a race; it is about steady, responsible habits. Pay on time, keep your credit use under 40%, and check your credit report regularly. Tools like Sanlam Credit Solutions can help you track and improve your score – for free.

Your name is on the line – own it, protect it, grow it. Contact a Sanlam financial adviser to help you get it right from the start.

For more, contact:

Akhona Siloyi | Financial Planner

073 869 2386 akhona@sanlam4u.co.za