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  • keyboard_arrow_rightDevelop a better, healthier relationship with money in 2024

Develop a better, healthier relationship with money in 2024

By: Natasha Archary

healthier relationship with money
Image: Adobe Stock

Dr Frank Magwegwe, Executive for Financial Wellness and Advisory at Nedbank joins Gugulethu Mfuphi on Kaya Biz to share a few tips on how to develop a better, healthier relationship with money in 2024.

Dr Mags shares his A,B,Cs on how to improve your financial goals, reminding listeners that wealth creation is a journey that needs to consistently be worked on.

“Firstly, A stands for Awareness. B stands for Brave. Lastly C stands for Curiosity.

Awareness around how one feels about money is important. What is your nature around money, is it hot, cold, lukewarm? In other words, are you stressed, excited, scared or always thinking it’s not enough, and asking yourself how you can make more.One cannot make progress if we don’t make stock at the end of the year to see where you’re sitting at financially.

This will give you a clear indication of what your goals should be in the new year. Be honest and rate how well you did and, where you went wrong with bad financial decisions.

In the context of being Brave when it comes to money, it’s hard to be brave when you’re staring at your bank statement, or credit card breakdown at the end of the month and you see just how much you’ve spent, and what you’re left with, or what you have to repay.

So, you must have a level of bravery when you’re approaching your finances so you can improve and meet your financial goals.

Beginning a new year is a fresh start, but so is every month, every week, and every day to make changes to how you view, use and make your money work for you.Your Curiosity towards money should be encouraged, keep asking questions, keep looking for ways to increase your savings, to cut down on spending on unnecessary things.

 By asking yourself, if you really need a name brand item, you can learn more about your emotional connection with money and decide if it’s a healthy one or not.”

Our relationship with money is one that should start from an early age, but we should not let the money habits of our parents or caregivers guide your relationship with money.

You can develop a better, healthier relationship with money in 2024, it all starts with learning your A, B, Cs.

Listen to the conversation on Kaya Biz:

Also read: “My husband always prioritizes his mother over me”: The Blind Spot

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