If I say money, you say?

You’re splurging on weekends at the spa, even though your bank account is completely out of balance. Or you’re refusing girls’ nights out as you’re trying to save – regardless of the fact that you’re currently making more money than you ever dreamed of. All classic signs of money dysmorphia.

Regardless of whether the condition applies, many of us don’t always have a realistic view of our finances, largely because we simply never get down to the planning that money management entails. It’s time to act.

Identify and challenge your beliefs

Write down what messages you heard about money growing up. Whether it was that “there is never enough”, “saving is vital” or that “spending money on yourself is selfish”, determine whether these ingrained beliefs are negative or positive.

If it’s the former, change the message. For example, reframe, “there is never enough” to “if I budget monthly, I can ensure there’s always enough.” This helps shift your thinking, enabling you to take practical steps to rectify unfounded beliefs.

Get real

It’s simpler than you think. Take the concept of budgeting one step further by writing down absolutely everything you spend money on, from medical aid to your monthly Netflix subscription to annual car services. Divide everything into monthly expenses. Then break down the money you actually have, from savings to investments to your current bank balance – every bit of cash at your disposal. Check your bank balance every week so that you always know where you stand.

Make a plan

Once you know how much you have, and how much you owe each month, plan your finances. Allocate each rand to an expense. Sometimes you may have more monthly expenses than income but that just means you need to prioritise things that cannot wait – and plan for how you’ll cover what’s left over next month.

Conversely if there’s a surplus of income, reward yourself for your efforts with a small treat and then start putting money aside to build up a savings pool. It all comes down to the planning – the first step to easing any monetary worries.