Five steps to a healthy relationship with your money

January is perhaps the best example of the love-hate relationship many of us have with our money. After a too-merry festive season, “Janu-worry” is often a stressful month where people struggle to make ends meet until payday.

FNB Credit Card CEO Chris Labuschagne says people tend to make money an emotional topic. They ‘love’ it when they have access to money and enjoy spending it, but the ‘hate’ side comes in when they have overspent and struggle to pay it back.

Many people have bad relationships with their money because they have not received basic financial management training, says certified financial planner Gerald Mwandiambira, who also serves as acting CEO of the South African Savings Institute.