8 Tips To Take The Stress Out Of Finances

Is money the root of your anxiety? Keep worry at arm’s length with these top, savvy money management tips, says Angelique Ruzicka

- Angelique Ruzicka

Managing your money isn’t only about creating financial security – it also has a ripple effect on our mental well-being and relationships.

In fact, a recent survey by local debt-counseling service DebtSafe found a whopping 87% of us see finances as the root of our stress and depression – worrying about having too much debt and not enough savings. Another poll conducted abroad by British legal firm Slater and Gordon revealed money woes as the top reason behind the divorce.

Start with small financial changes to regain control and ease your anxiety...

1 Different banks for your accounts

You diligently transfer R1 000 from your cheque account to your savings account as soon as your salary comes in, only to transfer R800 back a week later for that birthday gift you forgot to budget for. Sound familiar?

Open a savings account at a bank other than the one that you have your cheque and credit accounts with. It’ll make it a little harder to simply transfer funds from savings, as there’s usually a waiting period for cash to clear.

If that still isn’t enough of a deterrent, consider opening a notice account, where you have to wait between seven and 90 days to gain access to savings after requesting it. On FNB’s 32-day Flexi Notice account, for example, you’ll get between 5,75 and 6,95% interest on savings, depending on the deposit amount you start off with (which can be anything from R1 000); while with African Bank’s 90-day notice account, you could earn 7,54% interest on savings. Opening such an account means you’re not only keeping your savings at a safe distance – but you’re also allowing your cash to grow on its own.

2 Don’t always reach for the stars...