Single or taken - MyWORLD can help you manage your finances better
Change is constant — whether you’re just starting out in your career or trying to juggle new family responsibilities as a newlywed, this change can be financially overwhelming.
Thankfully, it doesn’t have to be that way. If you’re already overwhelmed, a little talking, learning, planning and prioritising can help you manage your finances better. Here are tips to help you manage your finances better as a single person and as a couple:
- Managing your finances as a single person
Your 20s and 30s can be both the most exciting and challenging years of your life when you’re single. While you may be advancing your career and earning more money, you may also face the financial responsibilities of buying a home, caring for your elderly parents, saving for your dream wedding, buying a car and more. Consider these two steps to successfully manage your money:
Step 1: Set financial priorities and goals
You’re single and want all the things other singles seem to have. The smartest move, however, is to set financial priorities and goals. Do it as soon as you can in your adult life. Think about what your future looks like, what you dream of achieving, when you would like to retire, etc. Use these as your goals and priorities to help guide your spending and budgeting each month.
Step 2: Create a financial safety net
As a young person with little to no financial responsibility, saving should be a top priority. Change is constant — anything can happen in life and if you don’t have some money saved to cover the expenses, the financial blow can be devastating. If you don’t have an emergency fund, this guide will help you get started. The aim is to save enough to cover three to six months of living expenses.
This, in turn, will help you focus on other goals, such as saving for a house, your dream car and even going on that holiday you’ve dreamt of since you were a child. If you’re wondering where or how to start, then get the ball rolling by looking for the best savings account in South Africa.
African Bank’s MyWORLD account offers up to five Pockets, including a Power Pocket or Savings Pocket feature that you can use as a separate account for each goal. This is a separate bank account linked to your Primary MyWORLD Account. It comes with no monthly account fees and SA’s lowest banking fees.
- Managing your finances as a couple
Relationship changes could mean you and your partner’s money will move closer together — or further apart. Whether you’re married or simply moving in together, the key to managing finances is communication and sharing. Consider these 3 steps key to managing your finances better as a couple:
Step 1: Talk about your finances.
Talking about money can be difficult to do in relationships, but once you have had the money conversation, managing finances together becomes easier to do. So, the first step is to have an honest and open talk about your financial history, your relationship with money, your current financial standing and your financial goals.
Next, plan how you want to handle your joint finances. If you’re considering merging finances, then open a bank account that will enable you to bank, save and share together. African Bank’s MyWORLD is an all-in-one banking solution that allows you to bank, share and save with your partner. Remember to keep all lines of communication open and share responsibilities to take full advantage of everything that MyWORLD has to offer.
Step 2: Set goals together
Having the same goals as your partner is important, whether they involve your careers, family or finances. To achieve those goals and live in harmony, it helps to be on the same track, working together toward the same things. Because MyWORLD is made to share, you can use it to create up to five unique Pocket accounts to share and save for those goals, while enjoying SA’s lowest banking fees.
Step 3: Track your spending and your savings
It’s nice to sometimes go out to do new, fun and exciting things with your partner, but this can be costly too. As you track your spending, keep in mind that the most important part of your relationship is that you’re spending quality time together. You don’t have to spend a lot of money for that to be enjoyable and meaningful.
As the months and years pass by, don’t forget to keep track of your savings and investments. Are you closer to achieving your goals? Sometimes you’ve got to make changes so that you can save better. Making sacrifices and staying the course together can make your relationship stronger and improve your financial position at the same time.
You didn’t get to the financial position you’re in overnight, and you won’t get out of it overnight, either. Give yourself time to learn and grow. With hard work and dedication, you can manage your money with confidence.