Fall In Love With Your Finances

Treat your cash like a relationship and your money worries could soon be over.

You know that for a relationship to last, you need to invest time and TLC. Well the same applies to your cash, and can make the difference between debt hell and financial bliss. Nicola Cairncross, wealth coach at www.themoneygym.com, shows you how…

Don’t go to bed on an argument
Letting problems fester can destroy relationships and the same will happen with your finances. ‘If you bury your head in the sand, things can spiral out of control quickly,’ asserts Cairncross. ‘The longer you leave bad debts, the worse the interest will be. If you call your bank manager the minute you’re in trouble, they’ll see you as honest and respectable. They’re less likely to penalise you than if you ignore the problem and hope it just goes away.’

Don’t let yourself go
Get complacent about your man and your relationship will suffer. The same can be said for money too. ‘Finance can be so dull, it’s no wonder we get careless,’ says Cairncross. ‘Teach yourself to respect money by giving yourself a goal – whether it’s picturing R500 in your account at the end of the month, or a dream holiday you need to save for. This will help you focus.’

Constant communication
Any relationship thrives on contact – phone calls, SMSes and conversations keep lovers connected. ‘Get to know your accounts again,’ says Cairncross. ‘It’s now easy to manage your cash online, so put aside one lunch hour a week, print your statements and work out exactly where your money is going. This will help you realise where you could save, and also makes it easier to spot any fraud on your account.’

Talk about the future
Sure it’s good to live for today, but so is the security of knowing where your relationship is headed. ‘Planning for the future doesn’t have to be boring or a chore, though,’ says Cairncross. ‘Get into the habit of putting 10% of your wages into a high-interest saving account every month. One with a 32-day access clause will stop you drawing out the money on a whim. You’re saving for the future… even if you don’t know what that future holds yet.’