Tuesday, 26 May 2020 11:49

What is your relationship with money?

All around us people are worried about money. Some are concerned about their investments and pensions in this harsh economic climate. Some are worried how long their savings will last if they lose their jobs. There are those who are already struggling to make monthly repayments on homes, cars and credit cards. Those who have lost their jobs and are not sure when they will find new work. And so many who are struggling to put food on the table each day.

As the Corona Virus takes its toll economically, it’s time to re-assess what we do with our money. It is definitely time to re-evaluate our relationship with money.

Here are some ideas on how to make your money work for you and not the other way around:

Be wise with your money

  • Be accountable to yourself about your money
  • Know where your money is going. Check till slips and bank statements.
  • Save, save, save. Always have a “slush fund”, a “rainy day” account, a coin tin to fill up!
  • Give and donate a portion. Spread it around and make a difference!

Ways to save

  • Keep a minimum balance in your account. Beat the overdraft.
  • Use banking loyalty points to pay banking fees. Investigate banks with better terms.
  • Keep your credit card in credit, pay the full amount off every month.
  • Check, compare and update short term insurance regularly.
  • Trade down your fancy car for a more affordable one
  • Pay now, consume later and skip repayments and interest costs

Have fun without blowing the budget (when we are able to again!)

  • Invest in small pleasures - A hike and a picnic would be mine
  • Invest in local pleasures – Explore right here at home. Take a local holiday.
  • Invest in social pleasures – Have friends for a meal, go out for coffee or ice cream

Switch this for that

  • Turn habits into treats – switch your daily coffee out to a weekend treat
  • Buy 2 or 3 smaller experiences for the cost of 1 big one and get 3 times the enjoyment
  • Buy experiences, not things. Experiences have lasting value and memories last forever!

I will leave you with a last thought and I am not sure who said it, but I certainly believe it to be true –

Those who spend money on others are measurably happier

than those who spend it on themselves

What do you think?


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Telephone: +27 (0)82 926 3531
Email: judith@allsortednow.co.za